Only when Bitcoin breaks through its previous high again will it be possible to usher in a new round of bull market.
This week, Bitcoin continued to break through historical highs, reaching as high as $93,000. It seems that it is not far from the $100,000 mark that many people are looking forward to. But I guess a question many people are facing now is: Is it too late to enter the market now? Should I also rush in now that the Memes sentiment is high? Do I still have a chance with the large number of altcoins I have?
But now many copycats have basically returned to their previous starting points. Perhaps this is how risks and returns coexist. If you want to obtain long-term returns of ten times or even a hundred times in the future, you will need to endure countless pullbacks!
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.
Powell's hawkish stance: no rush to cut interest rates, cautious response to inflation
With Federal Reserve Chairman Powell saying in his latest speech early Friday morning Beijing time that the Fed is not in a hurry to cut interest rates amid a strong economy, this hawkish remark quickly caused an uproar in global markets.
After Powell's speech, U.S. stocks closed near intraday lows, while the dollar surged along with U.S. Treasury yields, with the ICE dollar index hitting its highest level in a year. Traders lowered their expectations of the probability of a Fed rate cut in December from 80% the day before to around 50%, in stark contrast to the CPI release day the day before.
Analysis of the market and copycat trends
Bitcoin surged and then fell back. The bullish trend may enter a period of range fluctuations. In the short term, we can focus on the test of 85,000-86,000, and the pullback to the rising trend line after the price enters the range fluctuations.
If the price does not fall below 85,000, it will still be treated as a volatile market under the background of a bullish trend. It is better to reduce positions immediately if the price falls below the previous view!
The market has been extremely polarized since then. It is ironic that the market value of a bunch of meme coins exceeds that of many copycat industry leading coins. Doge, Shib, and Pepe have reached a market value of tens of billions of dollars, which has boosted the potential market value of meme coins in the future. Meme coins that previously could exceed 100 million US dollars now have a potential market value of 1 billion US dollars, which has brought great wealth effects to retail investors.
The Meme sector has followed the market in a correction, but it is still very strong. The correction is a good opportunity to get on board. The market is not over yet, and the bull market is still going on.
End
A bull market is often the best opportunity to make money because the market is upward most of the time during this period. However, a bull market does not continue to rise. We may still face some pullbacks. For example, a correction of more than 30% cannot be ruled out in the future. But don't be afraid. The more you need to stay calm at this time, please continue to strictly control your positions, just focus on your goals, and strictly abide by your trading disciplines.
