November 11, 2024, "Bitcoin Stabilizes at 80,000, the Bull Market Horn Officially Blows"

The market is still rising, Bitcoin has broken through and stabilized at 80,000 USD. I didn't expect the 80,000 level to come so quickly, which also means the bull market has officially started. Bitcoin has surpassed the small bull market peak from March, and once it breaks through this pressure and stabilizes, it basically signifies that the rhythm of a major bull market has begun. Moreover, this time, it is not just Bitcoin's independent market; although Ethereum hasn't continued to push forward today, I believe a slower bull market is healthier and more reasonable.

Every round of bull markets needs hotspots to continuously attract external funds into the market. This round of capital basically comes from the Solana ecosystem's memes and various new projects, and the price of SOL directly confirms this point. Additionally, a bull market requires a wealth effect; today Binance announced the launch of two tokens from the Solana ecosystem, one of which, ACT, surged 10 times right after its launch. Some people became wealthy thanks to ACT, and the stories of getting rich are starting to spread, attracting new funds to rush in.

In terms of market rhythm, there is no doubt that we are in the early stages of a bull market, or that the overall trend is starting to rise, which is quite suitable for right-side trading. The primary goal is still to hold onto coins. For those with insufficient positions, I still believe ETH can continue to be held, as there is still space if we reach the target price of the bull market. Although the hot money in this wave of the market is playing in the Solana ecosystem, Ethereum belongs to the old money ecosystem and will eventually explode, including the DeFi ecosystem.

However, bull markets often retrace. It has risen quite a bit over the past two days, and I predict there might be a wave of retracement soon. Therefore, for those wanting to chase positions, it might be better to place a buy order at a lower price. Bull market retracements usually occur in the form of spikes, generally within the 10-20% range below the current price. Regardless, the bull market is a good time to make money; after waiting so long, we shouldn't easily exit. The overall trend has emerged, so let's adopt a bull market mindset to deal with it.

Thank you for your attention and likes.