Yesterday, Bitcoin surged wildly, reaching a peak near 73660. From the trend of Bitcoin, it is not hard to notice that the fluctuations in the evening are generally larger, especially during the US stock trading hours. Yesterday, Bitcoin's ETF also set a new six-month trading volume high, indicating that the battle between bulls and bears was very intense.
From this morning's close, despite some upper shadows, the overall state remains strong. Today, Bitcoin is likely to undergo a wave of sideways consolidation, and altcoins may have some opportunities for catch-up during Bitcoin’s consolidation. Currently, the major market trend still looks to Bitcoin's movements, so while operating altcoins, it’s better to buy on dips rather than chase highs. After all, a small pullback in Bitcoin could lead to altcoins dropping back to their original points; in such cases, it is more suitable for swing trading.
Yesterday, during Bitcoin's surge, a gap was left in the range of 70300 to 70800. If this gap is filled in the future, it will be a good opportunity for long positions!
This year’s market has tortured cryptocurrency investors quite a bit; after breaking the previous high, the bull market will be even more intense. These two weeks are the most stimulating: Bitcoin breaking through, the US election, major tech earnings reports, non-farm payroll data, and interest rate meetings are all concentrated together. It's too exciting.
Next, let’s take a look at the main factors affecting Bitcoin's movements.
Undoubtedly, the decisive factor for Bitcoin's price movement is the Wall Street investment institutions led by BlackRock.
In just one week before October 21, BlackRock's IBIT accumulated an additional 16,975 Bitcoin, worth approximately $1.17 billion, pushing Bitcoin's price up over 8%. It can be said that Wall Street investment institutions led by BlackRock have changed the trajectory of the cryptocurrency market. The typical sharp pullback before a regular bull market, which tends to kill off highly leveraged bulls, is gone. This means that Bitcoin's rise may lead to profit-taking at high leverage at any time, and the bull market's increase will not be too high.
Can Bitcoin set a new high before the election?
Before the voting day of the US election on November 5, optimistic sentiment is rising. Bitcoin is also benefiting from the broader market's risk appetite; despite high interest rates, the demand for Bitcoin ETFs is returning, and the US stock market has also reached new highs this month.
For Bitcoin and cryptocurrencies, many things are moving in the right direction, including economic soft landing, Federal Reserve interest rate cuts, and regardless of who wins the US election, the regulatory environment in the US may change. As long as these trends continue...
Bitcoin can continue to set new highs by the end of the year. Former President Trump, the Republican candidate, has been showing goodwill toward the cryptocurrency industry this year and positions himself as a pro-crypto candidate. The Democratic candidate, Vice President Harris, has a more low-key attitude toward cryptocurrencies, and there are differing opinions on the impact her presidential election might have on crypto companies. The election results are widely seen as a key catalyst for Bitcoin prices, but as the election approaches, investors have been watching and waiting.
In the past week, Bitcoin's price has increased by 7%. Currently, this digital asset is expected to rise 14% in October, which will be the best-performing month since March this year.
There’s currently no regular rotation of sectors; the movement of altcoins seems completely random.
If you jump in after seeing the rise, you might find yourself trapped with a 20-point loss the next day!
So, it can be said that this time is different from the past.
There’s no way to rush in, move around, or buy randomly; doing nothing is probably better!
Wait for your eyes to be brightened, to see clear hotspot drivers and a large influx of new funds.
Otherwise, there's no way to say what to buy will rise.
When will the comprehensive explosion of altcoins occur?
In the last bull market, altcoins multiplied several times in the last two to three months, even tenfold. When the sentiment is there, the upward momentum is unstoppable. It's like the recent A-shares, which regained over a year of losses in just one or two weeks. This kind of rise relies purely on emotional speculation, without fundamental support; it doesn't matter how bad the performance is, as long as it's a stock, it can rise. I believe that if you invest in altcoins, a 5-10 times increase within six months is not difficult. Many people have been losing for two or three years; if they do well in the next six months, they can turn their fortunes around.
Do you remember the cycle four years ago when Bitcoin kept sucking blood from October 21 to December 31?
The altcoin season only exploded when Bitcoin rose from 10k to 30k. I remember on New Year's Day, Polkadot and Uni surged. At that time, Bitcoin's market share dropped sharply from around 70%. I estimate that this time when Bitcoin rises above 80k, a comprehensive explosion of altcoins may arrive.
(Recently planning to find some low-market-cap coins with news to position ourselves for recovery, currently the market cannot be patterned; short-term aim for a 30% gain and exit, the next secret is about to be announced!!)
