In the cryptocurrency market, the trend of Bitcoin has always attracted much attention. As of now, I think Bitcoin has at least 10 points to fall, and this will be the last squat before the big rise.
Here are my personal opinions:
1. Weekly level trend analysis
From the weekly level, Bitcoin is about to form a golden cross. We can review the trends after the four weekly golden crosses that were formed recently, which were October 12, 2020, August 9, 2021, August 22, 2022, and October 16, 2023. There is no doubt that each golden cross has opened up a rising market that lasted for several months. At present, there is only one big positive line away from the formation of the golden cross. It can be foreseen that a real crazy bull market is likely to come next.
Of course, the premise is that there is no major irresistible black swan event. I think this golden cross will definitely form, which means that the real bull market is indeed not far away. However, I personally think that there will be a deep squat before the golden cross is formed, the purpose is to wash out the holders below 60,000, and then quickly recover the price. After all, only if the car is light enough can it be pulled higher. There is no panic trading in the market at present, and the bullish sentiment is high. It is impossible for the main force to carry the sedan chair for a large group of retail investors.
2. Fibonacci Analysis
If we draw a Fibonacci line from this wave of rising market, we will find that point B is just between 0.618 and 0.382, and point C is also completely in line with the logic of 0.382 of segment AB and not exceeding point A. Then, it is likely to take the shape of a bat. Therefore, I judge that the callback may hit around 55,000, ending this wave of shock callback at 73,000, thus forming a bottom-to-bottom high situation.
In this way, there will be a drop of more than 10 points from 62,000 to 55,000, and the general altcoin will drop by about 30 points. Investors who still have positions on hand, don't rush to intervene, just place a limit order. This will be the last chance to get on the bus! After getting on the bus, you must sit firmly and hold on to the arrival of the bull market. I sincerely hope that the partners who see this post can get on the bus at the lowest point and make a lot of money!
