November 20, 2024

Bitcoin is fluctuating in a high range, but it has not yet broken through a new high. It is conceivable that the next wave of new highs will aim for the $100,000 mark. This $100,000 figure will once again refresh everyone's worldview, especially those who have heard about it before and did not take it seriously: "What? This scam is already $100,000 each?" Bitcoin, with its tenacious vitality, continuously breaks its own limits, changing people's perceptions of it through price increases. The key point is that even now, no one knows where its upper limit is.

Looking at Bitcoin's market, it seems that the bulls have no intention of easing up. On the first day of BlackRock's IBIT options listing, 354,000 contracts were traded, with a nominal exposure close to $1.9 billion, of which 82% were call options. According to the data, the market has mostly turned bullish, and the players in BlackRock options are also represented by Wall Street funds, which almost predicts that Bitcoin will break $100,000.

However, even with such a strong market, I still feel that it is necessary for the market to continue consolidating or even pull back in the short term. For some cryptocurrencies, the scale of the pullback may not be small. After the DEXX incident, the activity of the 'dog coin' seems to have been little affected, but the number of coins that can lead to sudden wealth has begun to decrease, concentrating more in the tens of millions market cap, and the pace of listings has also started to slow down, signaling that a hot sector is entering its later stage.

Of course, the overall trend is still upward, which does not prevent a short-term view of a pullback. After all, a healthy bull market also experiences many sharp declines; only in this way can the bulls continuously receive fuel supplies. If you are worried about missing out, you might choose not to participate in this wave or wait another couple of days to see if the market continues to consolidate. If Bitcoin remains high and altcoins do not decline, this indicates that the market remains strong, and you can enter in time. Conversely, any decline increases the probability of a market pullback.

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