Can BTC still go down to 55,000?
The current cryptocurrency market faces a series of unfavorable factors. The US Bitcoin spot
ETF has seen an outflow of more than $1.2 billion in two weeks, and the scale of stablecoins has stagnated. After the Bitcoin halving, miners were forced to sell under capital pressure, and the compensation for the Mentougou incident began, impacting the market. The popularity of AI concepts and meme coins has declined, the ban on altcoins has been lifted and new coins have been sucked, institutional traders have turned cautious, and the whale trading volume has decreased by more than 40%.
The industry ecological activities are sluggish, the gas fee on the Ethereum chain is low, and large-scale ecological projects have not been implemented. The market relies more on concepts and news speculation. In the first half of 2024, meme coins rose sharply, but the L2 sector fell against the trend.
The market shows the characteristics of Bitcoin "US stock" and altcoin "A stock". The core strategy is to insist on Bitcoin fixed investment, keep speculating on other currencies, and quickly withdraw profits. The key to altcoins is risk management. Nearly $2 billion in tokens will be unlocked in the next ten weeks, which may cause the market to shrink. The cryptocurrency market is highly cyclical, and the "buy and hold" strategy is unlikely to work in the medium and long term.
StarEx believes that the current market operation is extremely difficult, the market performance is abnormal, the technology and ecological sectors are falling, and the meme coins are soaring. In the next few years, high FDV copycat projects will be lifted. If there is no ecological explosion, it will be difficult to usher in a trend bull market.
Bitcoin is a full market index. After the rebound of $60,000, the market enthusiasm is not high. It is uncertain whether it will fall back. $57,000 is an important point. If it falls below, it may form an "M head". If there is no problem on the macro side, there will be no waterfall market for the time being. It is advisable to sell high and buy low, take profits, and buy the bottom when the price drops and wait for a rebound.
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