Christmas is approaching! Will Bitcoin continue to decline?
Today is December 23, 2024, Monday. Bitcoin and Ethereum continue to fall, but altcoins show some resistance to the decline. After the market stabilizes, altcoins are expected to have a nice rebound. From the liquidation charts of the exchanges, the recent long positions in the futures market have been almost completely liquidated. Even if Bitcoin drops to $85,000, it can only trigger $1.17 billion in liquidations; conversely, if Bitcoin rises to $105,000, it could liquidate $2.4 billion in short positions. After the lowest point, a rapid decline will surely lead to a rebound. In the short term, if Bitcoin retests the previous low of $92,000, as long as it does not break below, I personally believe there is a high probability of a rebound.
Historically, from January to April of the year following Bitcoin's halving, there has been a good upward trend, as was the case in 2017 and 2021. I believe this bull market will not be an exception, so it's hard to buy a bull's return; cherish the recent pullback.
In this bull market, Ethereum is much weaker than Bitcoin. From the daily chart, Ethereum's candlestick has three consecutive bearish days and is showing a trend of retesting the previous low. In the short term, if it retests, pay attention to the previous low support level of $3,100. Even if it breaks below that, it will likely only pull back to around $3,000. Ethereum's rise will not end so easily; the decline is for a better rise. The significant drop is to wash out the market, making most people lose confidence, allowing the main players to better push up the price. Therefore, those who want to bottom fish Ethereum can do so in batches near and below $3,100. A rapid decline will surely lead to a rebound; most people's cost basis is in this range, and panic will cause many to sell. After the adjustment, Ethereum is expected to challenge the previous high resistance level of $3,600, so cherish the opportunity to buy at low prices!
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