June 24, 2024 Grandpa checks in
According to market news, the Mt.Gox trustee in Mentougou said that the recovery plan is now ready and will start to repay BTC and BCH, which is expected to start in early July. After the news came out, Bitcoin fell again after a continuous decline. Currently, Bitcoin fell below 62,000, while Ethereum hovered just above 3,300. There is no doubt that this news is a real negative for the current market. If the repayment is made as scheduled in July, the price of Bitcoin will continue to be under pressure. The Mt.Gox trustee address holds 141,686 BTC, worth about US$9.2 billion.
A few days ago, after Bitcoin showed a K-line signal of a large-scale decline, I said that the price of Bitcoin in this wave of retracement is likely to fall below 60,000. It is only a few points away from breaking the whole, and it may be completed in the next two days according to the market trend. While I was writing this article, Bitcoin price fell below 61,000, Ethereum fell below 3,300, and Bitcoin continued to fall. The downward trend of the market is still obvious. For the time being, we can only hope to hold up at the pressure level of 60,000. Further down is the support of 56,000. This support is more critical and determines the final depth of the retracement.
According to data from TheBlock, Bitcoin miners have sold more than 30,000 Bitcoins since June, worth about $2 billion, which is the fastest sell-off in more than a year. Looking back, Bitcoin has repeatedly failed to break the pressure of 70,000, which means that there is selling pressure. The market expects that there will be only Ethereum ETFs in the future, but no matter the spot ETF of Bitcoin or the futures ETF of Ethereum, it is not enough to form a large-scale capital benefit. The biggest hope is that the funds caused by the Fed's interest rate cut will spill over into the B circle, and this will take time.
Objectively speaking, the next few months will be hard for everyone, but I don’t think there is any need to be pessimistic. The market always goes up and down. I asked everyone to reduce their positions many times when it was at a high point before, out of the perception of risk. Now I have confidence in the bull market next year, which also comes from confidence in the market. The next strategy is to buy on dips. Considering that the market is in a retracement cycle, you can buy on dips while taking into account some swings. In addition, from the perspective of price, many old-fashioned cottages have experienced a wave of halving, and if they continue to fall, they will enter a better range of prices.
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