Although the market has experienced some pullback in the past two days, the overall trend still belongs to a normal correction, and the subsequent market situation is roughly as follows:
1. The first phase of the bull market is nearing its end, and after the adjustment is completed, it will enter the second phase.
2. Currently, external funds have not entered the market on a large scale, and the market is still in the stage where on-site investors are overly optimistic, with the rise of many coins mainly driven by on-site leverage. Therefore, it is very necessary to clear leverage in the short term.
3. The adjustment period will not last too long, and the second phase is expected to begin around Christmas.
4. The leading coins in the second phase may be SOL or ETH. SOL has a lower threshold and a strong grassroots foundation, while ETH has a demand for catch-up.
5. The leverage clearing (spike) in the second phase may be more intense than in the first phase, but the overall direction remains upward, so buying physical assets on dips is advisable (like now). Frequently increasing leverage in a bull market will only accelerate your failure, and do not underestimate the risks of exchanges.
