Judging from the market dynamics of Bitcoin and Ethereum, there is no obvious sign of funds entering the market to buy at the bottom. This shows that large funds are still waiting and watching, so there has been no effective violent rebound in the recent market. Bitcoin bottomed out and rebounded near $40,000, which is mainly technical support. If there is a continuous lack of capital inflow, it may gradually fall into a downward trend.
Looking ahead to next week, the market still faces many challenges. Ethereum's long-short ratio is running at a high level of around 2.5, indicating a strong bullish sentiment, with more than 70% of people going long. This trend has not eased in the past two days. Judging from these data, most traders in the market seem to be more bullish, whether it is the expectation of a bull market or the rebound after a short-term decline, it shows a strong bullish atmosphere. Considering Bitcoin's short-term support of $40,000 and the excessive bullish sentiment in the market, next week's market is more likely to continue to test the support of $40,000 after a small rebound.
Although I personally started to be bearish at $44,000 and missed the upward segment of $49,000, Bitcoin is currently trading sideways in the $41,000-42,000 range. I expect the downward space to be limited, and investors do not need to worry too much about falling to $20,000 or $15,000. On the contrary, as the market gradually approaches the expected bottoming time in February-March, Bitcoin is expected to start a new upward trend driven by the halving.
As for the surge in Dogecoin, the driving force behind it mainly comes from XPay's active activities on Twitter. XPay has the potential to support cryptocurrencies. Once this breakthrough is achieved, Dogecoin is expected to become the preferred cryptocurrency for XPay, thereby enhancing its global popularity and recognition. This is due to Musk's earlier vision that he hopes XPay can become the center of the financial world and handle all financial matters in users' lives. Under Musk's vision, XPay plans to launch financial services by the end of 2024, which opens up broad space for the development of Dogecoin.
The activeness of XPay's official account on Twitter shows its rapid development momentum. We have reason to believe that XPay is expected to become a super payment platform, and Dogecoin is also likely to become a world-class cryptocurrency. For investors, paying close attention to the dynamics of XPay and the market performance of Dogecoin will help grasp the latest trends and opportunities in the cryptocurrency market.
Finally, what Lao Lin wants to say is that there are still many things that have not been expressed, and not everything can be understood through just one article. You can continue to follow Lao Lin, and let us create brilliance together in the new round of bull market!
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