June 18, 2024 Grandpa checks in
Today, the market plunged again. The entire market felt no support in the decline of the altcoins. In fact, Bitcoin only fell below 65,000, while Ethereum did not even fall below 3,300. The altcoins once again played the role of "following the decline but not the rise". From the data point of view, the price of the altcoins has fallen below the low point of April 13-14, and combined with the trend of the past few months, it feels like the end of the bull market. Perhaps for the main force of the altcoins, the rise is basically almost enough. As for the big bull market that everyone is looking forward to, let's leave it to Wall Street funds.
I personally have been pursuing the policy of reducing positions at highs for a long time, and I will sell a little bit almost every time it goes up, but I will buy it back when it falls back, so I basically have positions on hand. This time, my positions also suffered losses, but even if the positions are not large, the losses are not small. If the positions are full, it would be uncomfortable. Of course, a few days ago, I asked everyone to buy the bottom of Bitcoin and Ethereum. At today's price, I think it's time to buy altcoins. The cost performance is always determined by the decline.
When the price drops to this level, the core of the operation is not to reduce the position to reduce the risk, but how to buy more coins. First of all, the cost performance has come out, which is more important. Secondly, from the overall environment, the US stock market has broken through the historical high. From a macro perspective, the Fed’s interest rate cut node is basically coming. There must be a big bull market. In my opinion, this market trend is a retracement of the "bull market". In fact, every time the market falls, the cottage market falls the fastest and most violently. In the past, it was accompanied by the decline of the big cake. This time, the big cake has been fluctuating at a high level, and the confidence in the subsequent market should be stronger.
Overall, I am still confident about the bull market next year. If the market continues to fall, it may take another wave of declines for the Bitcoin to reach the final bottom, but this is unlikely to happen. In fact, the decline in the past few months, whether the downward trend continues or not, is basically to accumulate power for the big bull market next year. In this process, everyone should control the risks and not have too many positions in the altcoin market. Don’t take on some of the fierce new coins I mentioned before, but gradually build positions when the market falls and continue to take a round of chips.
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