The market has entered a period of adjustment. Yesterday, Bitcoin once surged to around 91,800, but soon fell back to 86,700, falling 5,000 points in a short period of time. Ethereum also fell back to 3,020 after reaching a high of 3,242, falling 220 points. In the past 24 hours, more than 170,000 people in the market have been liquidated, with a total loss of more than $500 million. This also means that the bulls have suffered another loss of $300 million, while the amount of liquidation in the past few days is still around $500 million. This series of data shows that the overheated market sentiment still exists, and appropriate corrections are also a normal process of washing the market.
However, after these fluctuations, many altcoins have returned to their previous starting points, which undoubtedly makes many medium- and long-term investors feel tormented. Market risks and returns often coexist. If you want to get ten times or even a hundred times the return of altcoins in the future, you have to endure the pain of these pullbacks.
Personally, I had some profit-taking when the price of Ethereum was above 3,200, and I started to take back some of my positions today. If there is a chance that the price will fall below 3,000, I will still consider adding positions boldly. After breaking through the range of fluctuations in the next three months, it is expected that Ethereum will at least challenge the previous high near 3,600. As for Bitcoin, although there is no sign of peaking yet, it takes time for the market top to form, usually a cycle of at least three months. The Bitcoin rally at the beginning of this year started in October last year and did not peak until March. If the market follows a similar rhythm this time, it may usher in the first wave of staged peaks around mid-January next year.
However, after the retracement, there may be a more crazy rising stage. Therefore, try not to miss the opportunity at the beginning of the bull market, and be bold to enter the market when the retracement occurs.
As for altcoins, the recent trend is a bit ugly. Ethereum fluctuates violently, and many altcoins are moving in sync with Bitcoin. Fortunately, mainstream currencies have already started to make up for the losses, starting with ADA, followed by LTC and XRP. When altcoins with smaller market capitalization have also completed their rotation and gains, perhaps the market will pay attention to some new projects.
The current focus is that if Ethereum falls back to the 2800-3000 range, you can consider buying the dip, while Bitcoin should pay close attention to the support near 85000. It takes time for the main funds to ship out, and the market adjustment will not end so quickly. You can boldly buy when it falls back.
