Bitcoin has reached a new high again; will there be a reversal to pick people up? After yesterday's Bitcoin broke a new high, this morning at 6:20, it refreshed a new high price of 81,568 USD. I really didn’t expect it to reach the 80k mark so quickly; is there still an opportunity to get on board?
What should have been a peaceful weekend turned into a nightmare for the bears. Just the day before yesterday, I mentioned to seize the momentum and break 80k this month, but I didn't expect it to happen so quickly; the bulls are truly strong, not even allowing for a pause over the weekend.
After Bitcoin continuously breaks historical highs, the bears all believe a correction is due. Many joined the bear camp around the 76k, 77k mark, but undoubtedly, they fell into a trap and were severely slapped in the face by the market.
Brothers, never think you can figure out the tricks of the market makers. If this trend continues, with ETFs continually flowing in, and if the wise king can fulfill his promises regarding Bitcoin after taking office, then hitting six figures early next year is absolutely not a problem.
So will there still be a reversal to pick people up now?
The content is quite sensitive. The market does not complete in a day; if Bitcoin surges to 100,000 in one go, then this market becomes dangerous, very likely indicating a bubble. The higher the position, the more people are afraid to jump in, including myself who also dares not chase high prices.
A correction is necessary; even in a raging bull market, there will be ups and downs. A temporary correction is for better upward movement; recovering the upward trend after adjustments is what constitutes a healthy market.
As for when the correction will happen and how far it might go, we need to closely monitor the market and the Fear and Greed Index, which is currently approaching 80. Historically, whenever the value exceeds 80, Bitcoin has dropped at least 20% within two weeks; this is history, for reference only.
Today's market analysis: From the K-line perspective, $BTC is bullish on the hourly level, bullish on the 4-hour level, and bullish on the 12-hour and daily levels. The intraday resistance level is 83,000, and the support level is 78,800 USD.
In the wake of Bitcoin's violent fluctuations, according to Coinglass data, the total liquidation amount in the cryptocurrency market over the past 24 hours reached 681 million USD, with long positions liquidated at 312 million USD and short positions at 369 million USD, affecting over 210,000 people, truly a massacre for both sides.
The recent market can be described as a mix of joy and sorrow for different participants.
Although Bitcoin has broken its historical high and reached 81,568 USD, there are still people in the market losing money; that is the truth.
In trading within the financial market, we must always maintain a clear mind, remain calm, stay objective, and be rational.
Impatience is the devil; in the cryptocurrency circle, it is even more direct. Unlike traditional industries, here, if we act impulsively, the consequences are very clear: it’s either becoming rich overnight or losing everything.
But for the vast majority of retail investors, significant losses are the end result.
This market is even more brutal than the 80/20 rule; it is essentially a 90/10 situation. Even if it were 80/20, the 20% who succeed can only suggest that we are no longer losing money in this financial market. But does not losing money mean we will definitely make a profit?
Not losing money does not mean you will immediately start making money; these are two different matters. To make money, you must go through this process: from losing money to not losing money, then to starting to make profits, and finally achieving long-term stable gains.
On the surface, it seems simple and easy, but in reality, there are very few people who can truly come out of losing money to making a profit.
In trading, if we cannot correctly change our mindset, have the right understanding, and make mistakes from the outset, the results will inevitably be wrong. What is feared is that clearly erroneous thinking leads to temporary correct, short-lived results.
This gives us the existence of 'obsession' and 'illusion' in the subsequent trading process.
Moreover, the vast majority of people do not understand market trends or differentiate between cycles. What they think is going with the trend, when viewed through the lens of correct investment philosophy, is actually operating against the trend without realizing it.
Being trapped by a correction can instead lead to holding on, but when it comes to recovering losses or when the real bull market wave arrives, out of fear of repeating past mistakes or losing profits in hand, one may choose to liquidate.
For retail investors or newcomers, fear and dread in a bear market won't lead you to lose big money.
But for a bull market, this is when retail investors and newcomers really lose big money due to greed and ignorance, lacking respect for the market.
The results brought by trends can make you obsessed, thinking it is due to your own abilities, unaware that this is just the beginning of a nightmare.
Tears in my eyes; the bull has really come. Do we deserve it?
Every time before, as the market surged, it was beaten back repeatedly. We endured time and time again, living in fear that the cryptocurrency circle would collapse; we have truly experienced too much.
So this bull market, we deserve it! This is the reward we should receive after enduring 200 days of torment. Everyone has gone through countless hardships and finally made it through.
But we still cannot be careless; operate cautiously at low multiples and walk steadily through this long bull market that will last for a year. Don't get inflated, don't get high, be careful of bull market spikes.
As Mr. Sun Yat-sen once said: The revolution has not yet succeeded; comrades still need to work hard!
