But to be honest, no one can predict the future, but judging from common sense, a major drop shouldn’t happen easily.
This correction is said to be due to those long-term holders cashing out, and it’s not because any ETF is causing trouble.
This also indicates that as Bitcoin approaches the 100,000 mark, the big players are starting to have different views.
Some long-term holders feel the price is about right and it's time to cash out, after all, it has already set a new historical high, and securing profits is quite reasonable.
Institutions are buying, while long-term investors are selling, creating a delicate balance. If Bitcoin starts to drop significantly now, the institutions would suffer great losses.
Institutions have a long-term vision and wouldn’t care about this small amount of money.
Speaking of this week's Thanksgiving and Black Friday, institutional funds can't come in, and the holidays and shopping are causing funds in the crypto space to flow out. As a result, the market has been suppressed.
The performance of Bitcoin also proves this, especially in cases where long-term investors are selling off, the correction came as expected.
So where will Bitcoin correct to? From the chart, correcting to 90,000 might impact the 11 billion assets below.
This position is a support point; when it drops here, you can consider adding to your position.
Furthermore, 87,000 is also a support level. If it reaches there, it would be a great opportunity to pick up a bargain.
I must emphasize again that the bull market has just begun, the real carnival hasn’t started yet. Don’t feel discouraged because of this small correction.
For the overall market, after rising so much, it’s normal to correct a bit to find support, then oscillate and consolidate before taking off again. This is a good thing for the bull market process.
Just like a tall building must be built layer by layer, it cannot be suspended in mid-air.
In technical analysis, there’s a saying that goes, ‘deficiencies must be compensated,’ which means this.
As it drops, I keep an eye on the coins I’m optimistic about, slowly adding to my position, the more it drops, the more I add.
At the beginning of the last bull market, it was also Thanksgiving and Black Friday, Bitcoin corrected by 15%, then oscillated for about a month before slowly rising.
This round of the bull market is quite similar to the previous one.
However, the drop in Bitcoin shouldn’t be too large, around 10% would be about right, which aligns with the two support levels I mentioned earlier.
Recently, I plan to lay low for a potential coin that is ready to explode; it’s quite simple to double. At the same time, I’m also looking for some potential coins to hold until the end of the year, expecting a growth space of over ten times, with limited spots! If you want to keep up, like and leave a message.
