The roller coaster in the crypto market is playing out again! BTC continues to fluctuate, but in the long run, it is still moving steadily forward!
Yesterday's crypto market felt like a small roller coaster ride; BTC fluctuated slightly, and market makers attempted to pull the price back but failed. This actually indicates that everyone is quite satisfied with this price! From data analysis, the upcoming trend may have some adjustments, but don’t rush; in the long run, the upward train is still steadily on track. For friends holding coins for the long term, just hold on until next year to sell; don’t short because of short-term fluctuations!
Remember, when the price is low, buy; when it's high, wait a bit, don't rush to sell everything. This way, you're not afraid of fluctuations, and your mindset remains stable! Don't be too eager to trade; don’t rush in just because of excitement; have a plan and take it slow. After all, we are playing for the long term, not focusing on daily short-term fluctuations.
Currently, Bitcoin is fluctuating between 93,000 and 98,000; from last night to today, the ETF and bulls have been supporting the price, preventing it from dropping. It seems that it may seek new directions within this range.
BNB has great potential, with a safe zone between 670 and 720. Airdrops have locked up a lot of coins, reducing selling pressure, and there are more die-hard fans, making it quite suitable for gradually doing grid trading.
As for the second in line, ETH, it is expected to fluctuate between 3,200 and 3,700, with many recent good news and institutions buying ETFs continuously, basically establishing a good support level.
Now, let's talk about today's BTC technical analysis: From the candlestick chart, the 1-hour level is sideways, while the 4-hour, 12-hour, and daily charts show a downtrend. The intraday resistance level is at 96,500, and the support level is at 92,000 USD.
When Ethereum rises, everything thrives!
From the historical trends, every time Ethereum undergoes a major upgrade, altcoins experience a big market surge. From October 2023 to March 2024, this period may be the starting point for the next altcoin bull market, and the Ethereum Cancun upgrade in March 2024 is likely to become a catalyst for this round of market.
Looking back at the past few Ethereum upgrades, almost every time there has been pre-hype before the upgrade:
From January to April 2023, there was a big altcoin market during the Ethereum Shanghai upgrade.
From July to August 2022, there was a big altcoin market coinciding with the Ethereum Paris upgrade.
From July to November 2021, there was a big altcoin market approaching the Ethereum Glacier upgrade.
From November 2020 to May 2021, there was a big altcoin market accompanied by the Ethereum Berlin upgrade.
Before every upgrade, the market tends to hype up in advance, and once the good news lands, the market often ends quickly. So, when is the next good news expectation for Ethereum? It will be the Prague upgrade in March 2025!
Good news for Ethereum is often hyped by the market 2-3 months in advance, so it is expected that in January 2025, there will be a wave of increase in the market, and altcoins are also very likely to surge.
Looking at the trend of Bitcoin, I have to say that this round of trend is almost identical to the previous halving trend! Bitcoin started to gain momentum in November, and in December it pulled back by 12%, completing a washout. By early January, after Wall Street returned from the holiday, with the main forces returning and the potential good news of Trump possibly announcing Bitcoin as a strategic reserve currency, it looks promising.
All kinds of good news for Bitcoin and Ethereum are right in front of us, and a big market seems to be just around the corner! Brothers, please hold firmly onto your chips!
Let's take a look at the altcoin side:
Today, among altcoins, the AI agent sector is performing the strongest, with coins like Virtual, AI16z, and ELIZA all seeing increases of over 20%.
Currently, the trend of altcoins shows a 'stronger remains strong' pattern.
Although Bitcoin has recently pulled back, AI-related projects like Virtual, AIXBT, Game, AI16z, and ELIZA have hardly been affected, indicating that the market consensus on AI application projects is already quite high and favored by large capital.
The current AI agent sector is a bit like the DeFi Summer back in the day, full of vitality and potential. Next year, the AI agent sector is likely to welcome an explosive period, and various AI + blockchain plays are expected to be launched one after another, attracting more market participants and capital inflows.
Today, let's focus again on why I say that following Grayscale's layout is profitable!
Here are the recent bottom-fishing actions by Grayscale, and these cryptocurrencies have performed well in the past 7 days and one month:
Link recently bottomed out with 50,900 coins in the last month.
FIL recently bottomed out with 106,700 coins in the last month.
SOL recently bottomed out with 4,713 coins in the last month.
BCH recently bottomed out with 7,578 coins in the last month.
LTC recently bottomed out with 33,110 coins in the last month.
ZEN recently bottomed out with 304,031 coins in the last month.
XLM has been offloading for the past week, so I won't record it.
Moreover, although altcoins in the secondary market have performed poorly these days, except for platform coins, the others are quite sluggish, but on-chain, especially in AI agents, remains very hot. A few leading virtual currencies, like Virtual, still maintain an FDV of 3.1 billion, and Fartcoin and AI16z are also stable at a billion market value, completely unaffected by the market pullback.
Recently, some newly emerging blue-chip coins, like Game, have started to attract value investors. Previously, they were always benchmarking AI agent projects like AIXBT and Luna, but now Game has directly switched tracks to benchmark AI16z, and it has surged threefold in recent days, with its market value almost catching up to AIXBT, feeling that there will be even more upward space ahead.
Additionally, new talents in the field are emerging one after another, such as Spore, an AI self-reproducing project, which has already evolved to the third generation.
I personally feel that the era of AI agents may last a long time, even longer than this round of crypto bull market. This is also why I believe that at least more than three AI agent projects will have a market value exceeding 10 billion.
Today, a group friend asked me what to do if they get stuck. Actually, if you get stuck in crypto investment, you can refer to the following strategies to get unstuck:
1. If short-term operations encounter a loss, decisively stop-loss and close the position. If no rebound can be seen in the short term, timely stop-loss to avoid greater losses.
2. First stop loss, then buy the dip. First, stop the loss on the losing part, and then buy the dip when the price is low to reduce overall losses.
3. When the market is not deteriorating and not bearish, gradually average down against the trend. In a market that is not in a clear downward or bearish trend, you can buy in batches to gradually lower your cost and wait for a rebound.
4. Set a stop-loss point; close positions if the maximum loss is reached. Set a stop-loss point, and once the maximum loss is reached, decisively close the position to avoid risks and protect the principal.
5. If you are stuck with high-level long positions, wait for a rebound to exit during consolidation. If you are stuck in a consolidation range and the support level hasn’t broken, you can wait for a rebound to exit.
6. Be patient with locking positions; unlock additional purchases when there are bottoming or rebound signals. If there are no particularly bad news after being stuck, you can lock in positions and wait for the market to show rebound signals before considering adding to your position.
7. After being stuck, add to your position at low prices using the pyramid method to lower the average price. Every time the drop reaches 15%, add to the position appropriately to lower the average holding cost and wait for the market to recover.
8. Add to your position in the direction of the trend to lower the average price. If you see a significant trend, add to your position in the direction of the trend, lower the average price, and wait for the market to rise further.
Finally, some important news updates:
1. According to a statement from the Ministry of Justice of Montenegro, Justice Minister Bojan Božović has signed a decision to extradite Terraform Labs founder Do Kwon to the United States.
2. The National Bank of Cambodia (NBC) has released new regulations allowing commercial banks and payment institutions to provide services related to stablecoins and asset-backed cryptocurrencies. However, cryptocurrencies like Bitcoin that do not have actual asset backing are still prohibited.
3. The total net asset value of Bitcoin spot ETFs has reached 108.241 billion USD, accounting for 5.72% of Bitcoin's total market value, with a historical cumulative net inflow of 35.962 billion USD. The total net asset value of Ethereum spot ETFs is 12.013 billion USD, accounting for 2.99% of Ethereum's total market value, with a historical cumulative net inflow of 2.629 billion USD.
4. Investor James Fickel, who holds a bullish view on the ETH/BTC exchange rate, exchanged 6,500 WETH for 225.6 WBTC yesterday, amounting to 21.68 million USD.