August 14, 2024
BN has launched a new Launchpad Pool. I calculated that the amount given out this time is not as much as before, and the cycle is as long as 20 days, so the market enthusiasm is not high. I thought that BN's new issuance could inject some vitality into the market, but I didn't expect that after waiting for so long, it was just like this. It can be seen that after repeated shocks and declines, the vitality of the market is gradually disappearing. However, it is worth noting that CZ will be released in September, and perhaps BN will cooperate to do something. In addition, the recent Meme craze has reached a certain level. Once it enters the stage of bursting the bubble, the Meme sector will have a certain degree of compensatory decline.
The good news for the current market is that it has maintained a sideways trend, which is in line with the characteristic of sideways trending instead of falling, and is a good signal at least in the short term. In addition, the US stock market has rebounded continuously after experiencing a sharp drop, and has recovered half of its lost ground. Basically, the price of Bitcoin is also keeping in sync. For the B circle, perhaps only a real breakthrough of 70,000 can make the market active again, and the decisive factor for Bitcoin's breakthrough lies in whether the US stock market can reach a new high. Obviously, after experiencing a sudden drop, the market still needs some time to digest, and the possibility in the short term is very small.
Judging from the price of bitcoin, it can still rebound more than 20 points to above 60,000 after falling to 49,000, which shows its resilience. In addition, this wave of volatile decline is almost all such strong rebound. I think it is the ETF funds that are at work. As early as half a year ago, I defined this year's market as a wide range of volatile market. At present, it is indeed so, and it is obvious that this volatile cycle has not ended, and even the bottoming out may not be completed. Then we can naturally continue to wait for the high and low points of the wide range of volatile market to appear before selling and buying.
In the short term, if the market remains sideways, the probability of a subsequent upward breakthrough will increase greatly. In addition, we can pay attention to the performance of the US stock market, which is gradually recovering its lost ground. It is reasonable for the B circle to return to the price before the crash. It is worth noting that the rebound strength of several leading Meme projects has also weakened recently. This is not a good signal, indicating that some hot money has also withdrawn. Therefore, if this wave of rebound continues to rise to the next level and reaches the position before the crash, I will continue to sell some positions.
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