Last night, the market attacked our wallets while we were sleeping, falling directly from 62,400 to 60,299.

The subsequent market will rise or fall, should I cut losses or buy at the bottom?

The price of Bitcoin continued to fall, from the high point of 64,500 to the integer mark of 60,000. After Ethereum hit the pressure of 2520, it fell back to the support of 2350. It hit the highest point of 2470 twice yesterday, and there was an atmosphere of continuing to open a new downward trend. However, we carefully observed that although the decline was relatively large yesterday, the trading volume did not further increase, which is a relatively good phenomenon. Just like the previous pull-up and shrinking volume were beaten back by the shorts, this wave of decline and shrinking volume, observe the counterattack of the bulls! Overall, there is no need to panic!

Bitcoin has entered a wide range of fluctuations in the short term. The bottom support at the daily level is around 58,000, and the top resistance is around 65,000. But don’t worry, the market adjustment is about to end. If the daily level reaches 65,000 again, it means that the market will restart.

As mentioned before, October is a gap period and also a harvest season. It is not like September when there were many back and forth harvests. Now everyone just needs to wait patiently. The pullback is to give you an opportunity. There won’t be too much negative news before the election, so even if the data is not good, it will be corrected for you. Even if the economy is not good, there will be strong support, so don’t worry too much.

If Bitcoin wants to reach new highs, it needs these 3 factors to boost it!

1: In the US election, the Democratic Party will not win a complete victory.

The US election has a great impact on the cryptocurrency industry. Many people think that Trump is friendly to cryptocurrency, while Harris is not so friendly. But in fact, the Democratic Party’s attitude towards cryptocurrency is not one-sided. There are some who are not very supportive of cryptocurrency, such as Elizabeth Warren, and some who are supportive, such as Ritchie Torres.

The industry has had a tough time over the past four years as Democrats, who are not very supportive of cryptocurrencies, have controlled policy, but if the Democrats don’t win a big election, their attitude toward cryptocurrencies could become more neutral.

Now, even Democrats who were not optimistic about cryptocurrencies before have begun to admit that cryptocurrencies are an inevitable trend. This change in attitude may push the price of Bitcoin to $80,000.

2: 2 interest rate cuts and massive global economic stimulus

Despite the growth of the US economy, the Federal Reserve has lowered interest rates, and China has also launched an economic stimulus plan, which has boosted the price of cryptocurrencies. The market is now expecting more stimulus measures. It is expected that the Federal Reserve may lower interest rates again before the end of the year, and China may also launch new stimulus policies.

If these predictions come true, the cryptocurrency market could rebound in the fourth quarter.

3: No major “black swan” events in the cryptocurrency world

For Bitcoin to reach a new high of $80,000, we need to avoid several risks: no major hacks, no new large-scale lawsuits, and no sudden influx of previously locked-up tokens into the market. Bankrupt exchanges like Mt. Gox and governments releasing Bitcoins have both made the market volatile. If these shocks can be avoided by the end of the year, Bitcoin is expected to hit new highs.

What will happen to the subsequent market conditions?

Since the cost of Bitcoin holders in the past year is 55,000, the profit is not high, so although it has fallen, it is not a big problem, it is a normal correction. It can also be seen from the chain that Bitcoin on the exchange has been in a state of outflow since February this year. The giant whales have been accumulating funds and buying every time the price drops.

The same is true for bottom-fishing funds. From February to now, the exchange's bottom-fishing funds have been in an overall inflow state.

In general, the big bull market is coming, but there will be crashes and fluctuations during this period.

We must hold on to our chips, patiently wait for international recovery, overcome short-term fluctuations, watch for a rebound, and wait for the wind to come.

The data on CPI and unemployment benefits will be released at 8:30 tonight, which will bring fluctuations to the market. Those who have opened contracts should pay attention. CPI lower than expected is a positive, while unemployment benefits lower than expected is a negative.

It is indeed difficult for the bulls. It has been nearly seven months since Bitcoin peaked at 73,700 (March 14). Bitcoin has not fallen much in these months, but altcoins have fallen a lot. Therefore, the overall money-making effect this year for retail investors (holding altcoins) can only be said to be: too difficult!

However, we must believe that good times will come after bad times. There is no market that only falls but never rises. After the storm, a new bull market will finally come! After all, other countries outside China have already started to release money. For young investors, I think there will be more people entering our circle, after all, there is more gambling here and the cycle is shorter! There is only one place in the year-round trading market! The capital market itself is a game of human nature, and the B circle has magnified this point in all aspects. Therefore, for the future development of our circle, the increment is far from saturated, and the bull market is worth looking forward to!

(I plan to ambush some low-market-cap coins with good news in the near future to help everyone recover. The current market situation is not stable. I will take 30% in the short term. The next password will be announced soon!!)