Today is October 10, 2024, Thursday. U.S. stocks opened higher yesterday evening, but Bitcoin did not follow suit. Instead, it fell from a high of around 64,500 to around 60,000. After Ethereum hit the highest pressure near 2,520, it is now back to the 2,350 support level. Yesterday, it hit the highest level near 2,470 twice, creating an overall atmosphere of continued decline. However, if we look closely, we can find that although the decline was not much last night, the trading volume did not further increase, which is a relatively good phenomenon, just like the previous pull-up and shrinkage were beaten back by the bears, so this wave of decline has to shrink. We can observe the bulls' counterattack. Overall, there is no need to panic too much in the current market.
A shares surged and then fell yesterday. I personally believe that if it can stabilize at 3,200 points today, it should continue to hit a secondary high before starting a volatile trend, and then continue to start the second and third main upward waves. Therefore, for the layout of CFX, it is still in a relatively early stage, and there has not been a sudden increase, so there is no need to panic, hold the spot patiently, and hold it for the medium and long term. It will not be a problem to double it before the end of the year.
It has been nearly seven months since Bitcoin peaked at $73,700 in March. Overall, although Bitcoin does not seem to have fallen much, most of the copycats have returned to the pre-liberation period. Therefore, the money-making effect of the market this year, especially for those who hold copycats, is still quite tormenting.
However, being in this market, we still have to believe that good times will come after bad times. There is no market that only falls but never rises. We believe that after the storm, there will be a new bull market. After all, except for China, other countries have already begun to loosen their monetary policies. I believe that in the future, more young investors will flock to our circle. After all, there is a stronger gambling nature and a shorter cycle here. It is estimated that only the cryptocurrency circle has a trading market that is open all year round. The capital market itself is a game of human nature, and our circle has magnified this point in all aspects. Therefore, for the future development of our circle, the current increase is far from saturated, and the bull market is worth looking forward to!
The next big impact on the cryptocurrency market is the CPI data to be released at 8:30 tonight and the US election in November. CPI has actually faded from people's sight before, but due to the doubling of employment last time and the surge in oil prices caused by the conflict in the Middle East, the market is worried about the return of inflation, and some people even expect that there will be no interest rate cut next time.
So if the inflation data can come down this time, it will be absolutely crucial. The market expectation this time is 2.3%, which is significantly lower than the previous value, while the core CPI expectation remains unchanged. However, given that this is the last CPI data before the election, I personally think that some people will definitely beautify the data and even use it to declare victory in the fight against inflation. So tonight is the data I am actually looking forward to. The high probability is that the expected increase or decrease will be maintained or lower than expected (positive), and the low probability is higher than expected (negative). For the US election in November, I personally think that if Trump can be elected, it will undoubtedly be a huge positive for the cryptocurrency circle, and it may bring a wave of relatively good mid-term market.
Finally, the popularity of local dogs has been very high recently. Wherever there is hot money in the market, there are opportunities. For those who want to participate, I personally suggest that you look for projects with good narratives, strong community backgrounds, and preferably those promoted by bigwigs to participate in.
That’s all for today, see you next time!
