Bitcoin has reached 89,000, surging 10% in a day. The rise is too fast, and this bull market may exceed expectations. It has now been 7 consecutive days of gains. From mid-March to the end of September, the weekly box oscillation is very similar to the gold oscillation from mid-20 to mid-23. I hope it really is a significant accumulation of strength.
The trends of Bitcoin, gold, and the S&P 500 have all formed a classic 'cup and handle' pattern. In simple terms, this pattern involves a period of price decline to build a bottom, forming a large arc-shaped 'cup', followed by a brief pullback, resembling the 'handle'. When the price breaks above the upper resistance line of the 'handle', it usually indicates that a strong upward trend is about to come. Comparing: 1. BTC: has completed the breakout, price skyrocketed, confirming the bullish power of this pattern. 2. Gold: has completed the breakout, price skyrocketed, confirming the bullish power of this pattern. 3. S&P 500: the same path, continued to rise after the breakout, with the market rhythm moving steadily upward.
Today's accelerated candlestick should be the largest entity since 2021. The increase is approaching 7,000 USD. After this acceleration, the high-multiplication shorts have basically been cleared out. The remaining liquidation will be from some low-multiplication bears. Obviously, the fuel is not so abundant anymore. To continue rising, it will rely on incremental funds from outside to keep buying. In other words, the first wave of acceleration has come to an end.
Additionally, according to past logic, bull markets often experience sudden crashes. The reason is simple: there are too many bulls that need to be liquidated. So let's take a look at the liquidation map. In the past 7 days, the liquidation volume of long positions accumulated above 80,000 has already exceeded 1 billion, and above 70,000 has reached 5 billion USD. Therefore, a round of liquidation is necessary. As for when it will come, no one knows. There is no other intention in saying this; I just want to remind everyone to keep in mind the risks, not to get too heated, and to patiently wait for the next opportunity to get in.
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