[New trend of Bitcoin! Breakthrough is imminent, and altcoins are ready to move? ]
Recently, the trend of Bitcoin has been full of twists and turns. Since mid-March, it has experienced a series of adjustments, forming four successively lower highs. However, if Bitcoin can break through the $65,000 mark in one fell swoop, it will indicate the end of the downward trend and is expected to hit $70,000 again. We previously predicted that Bitcoin may set a new high in the fourth quarter, and now it seems that this prediction is gradually becoming a reality.
From a technical perspective, the rapid rise after September 9 has made Bitcoin slightly overbought in the short term. But it is worth noting that compared with the previous adjustments, the current medium-term reversal indicator has been fully corrected, suggesting that the downward trend may be nearing its end. As the indicator gradually bottoms out, the possibility of Bitcoin's breakthrough is increasing.
If Bitcoin successfully sets a new high, those high-beta altcoins that have been hit hard may usher in a sharp reversal. At the same time, Ethereum also shows similar technical characteristics, and the medium-term indicators have also been corrected. Although its fundamentals are still weak, Ethereum still has the potential for substantial growth.
After the Fed cut interest rates, the market's preference for decentralized finance (DeFi) and high-beta tokens has become more obvious. As a result, altcoins have performed well and continued to rise with the support of Bitcoin. Now that Bitcoin has broken through $60,000, it is aiming at the $65,000 mark. Smart traders have begun to accumulate undervalued altcoins in preparation for the upcoming rebound.
As the central bank has increased its support for the domestic economy, the mentality of traders has also changed significantly. Instead of focusing only on Bitcoin and yield-generating tokens (RWA), they have begun to prepare for a potential DeFi recovery. Let us look forward to the subsequent performance of the market together!
