Last night, the market experienced a severe shake-up of altcoins, with over 580,000 people encountering liquidation within just 24 hours, totaling an astonishing amount of $1.751 billion, a figure that is shocking.
Currently, despite the market's intense volatility, I firmly believe that the bull market has not yet ended. However, this does not mean we can let our guard down; the market may need some time for consolidation and washing out before we can welcome the next round of upward movement. Bitcoin, as the market leader, has a crucial role in this trend. If Bitcoin cannot reach new highs, we may see it oscillating in the range of $90,000 to $100,000, or even potentially retracing to deeper support levels.
I want to emphasize that the investment logic for Bitcoin and altcoins should be treated differently. The stability of Bitcoin and the volatility of altcoins should not be confused. Last night, the decline in the U.S. stock market, particularly the drop in cryptocurrency-related stocks like MicroStrategy and Coinbase, may have had some impact on Bitcoin's short-term trend. But in the long run, Bitcoin's potential and value should not be overlooked.
Regarding the upcoming investment strategy, I believe we should remain cautious and patient. After experiencing a wave of excitement, altcoins may need some time for adjustment and consolidation. Ethereum, as another significant force in the market, is also worth our close attention. If Ethereum can break through $3,800 with volume and hold steady, then the altcoin market may welcome new investment opportunities; if Ethereum tests the bottom again and drops below $3,600 on low volume, it may be a good opportunity to accumulate Ethereum or altcoins in batches.
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