The surge in meme coins shows that the market lacks narrative
At present, the surge in meme coins in the market shows that the market lacks narrative. The narrative of the suspension of Ethereum ETF, the market is waiting for the approval of the S-1 document. Once it is approved, it will be officially listed and traded, and traditional funds will enter the market to push the market higher. However, no one can give a definite answer as to whether the future market trend will be "sell the news" or a direct rise.
Some people believe that after Ethereum is approved, it will plummet like Bitcoin due to various selling pressures, and short-term investors will also choose to sell. Others believe that the market will rise directly, because Ethereum is different from Bitcoin. Ethereum first passed a document, which gave the market enough buffer time, and various negative factors will be gradually digested.
Bitcoin fell yesterday due to the abnormal movement of the Mentougou compensation wallet. After a day of retracement, it received obvious support near $67,300 yesterday and is currently re-challenging the $70,000 mark. The current market no longer allows a deep retracement because market sentiment has been fully mobilized. Bitcoin will continue to rise at the 4-hour level, re-challenging the 70,000 mark, and then the new high of $73,777.
In short, in May, which is about to pass, I have said before that every pullback is the best opportunity. After May, there will be no more opportunities to hold cheaply. The market trend is often contrary to the expectations of most people, so the possibility of a direct rise that is unexpected is greater. As long-termists, we only buy and do not sell now, so no matter how the short-term market falls, we can accept it. As long as we can eat the fattest piece of meat at the moment of reaching the end, it is enough.
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