If 2024 is a bull market, many will deny it because most are holding altcoins and suffering significant losses. However, if you say 2024 is a Bitcoin bull market, probably no one will object. After all, in 2024, a series of favorable events for Bitcoin and the crypto industry occurred. For this, we can first review Bitcoin's market trend this year:
At the beginning of the year, while everyone was still immersed in the sound of firecrackers during the Spring Festival, Bitcoin couldn't hold back the power it had suppressed for four years, and started to surge.
January 7 - March
The US SEC rarely gave a green light for Bitcoin ETFs, with a host of internationally renowned financial bigwigs like VanEck, BitWise, Fidelity, Grayscale, Ark Invest, and Blackstone flocking into the market, beginning to accumulate Bitcoin, marking that Bitcoin officially shed the label of 'Ponzi scheme' and was accepted by traditional asset managers. At this time, Bitcoin's selling pressure gradually decreased, and a strange phenomenon appeared on the order book with more buying than selling, where a small amount of funds could create a massive pump effect.
March 14
Bitcoin broke its historical high, reaching $73,777, without waiting for the halving to end before rising. At that time, the Merlin Chain, which focused on the Bitcoin ecosystem, along with Rune and Inscription ecosystems, were gaining momentum.
April 20
Bitcoin successfully completed its fourth halving at a block height of 840,000, reducing the base mining reward from 6.25 BTC to 3.125 BTC, marking the official start of a new 'four-year cycle' bull market.
However, soon after, the market abruptly turned, coming down from the high of over $70,000 (which indeed looked like a high at that time). Then, the on-chain TVL of Merlin Chain began to plummet, and the project began to face a series of crises, leading to widespread criticism in the community. Subsequently, the Rune ecosystem and the Inscription ecosystem also faced chaos, and many began to reflect whether the 'Bitcoin ecosystem' might just be a false proposition. At that time, Bitcoin's price fluctuated between $49,000 and $74,000 from April to August. The market lacked incremental funds, and the small active existing funds could only repeatedly hype relatively small MEME, AI, and PolitiFi concept-related sectors.
October 28
Just when everyone thought Bitcoin would follow the past 'the second year after Bitcoin halving officially starts a bull market' rule, a hawkish candidate suddenly announced full support for Bitcoin, and dramatically, this person later succeeded in taking office, making the vow that 'Bitcoin center happens in the beautiful country' like a heavy bomb, continuously stirring the stagnant traditional finance and crypto fields. Thus, from October 28 to November 4, Bitcoin once again set a historical high, reaching a peak of $81,500.
November 08 - November 20
Bitcoin broke its historical high, reaching a peak of $93,625... Since then, there has been no selling pressure on Bitcoin, instead, continuous inflow of funds has been buying. On November 20, it even reached a peak of $94,000.
Currently, Bitcoin's price is just a step away from $100,000, but it seems that smart money is hesitant at this moment, turning its attention to mainstream coins like Ethereum, XRP, DOGE, and SOL. XRP even repeatedly surged over 30% in a single day, becoming the most eye-catching asset in the market...
However, many investors, like myself, focused on altcoins this year, but since the main funds were pumping Bitcoin, altcoins basically faded into obscurity, even some standout small coins were beaten back to their original state when Bitcoin corrected. Many VC coins are also dismal, and some VC institutions even turned their focus to the MEME sector, leading to a situation similar to the 'DeFi summer' in 2020, where exchanges rushed to list potential MEME coins, and overnight gains of up to 10,000% made this area incredibly hot, even with a kid showcasing MEME coin creation achievements in live streams.
Then let's cut to the chase: what should we do for the upcoming bull run?
1. Pay much more attention to typical AI sector-related coins or projects continually, particularly for which has lower Market Cap with innovations of technologies, DYOR and keep your crypto knowledge updated.
2. If you are a relatively professional trader in Futures trading, please note that a dumping chance hasn't occurred so far. The more the market pumps up, the more potential the market dumps.
3. Don't all in at any time, there's no guarantee to make profits in investment, especially in crypto.
4. Keep your eyes on the following potential coins due to their certain solid strengths and their stronger market makers.
SUI, KAS, Ordinals, PNUT
Summary: Overall, going long is easier to make money than going short (especially in a bull market), but shorting can earn money faster, as it might take only an hour to drop after a week of rise. Therefore, when the market continues to rise, it should be the most exciting time for short sellers, because the more it rises, the greater the potential for a drop.$XRP