Bitcoin real-time price: 88,900

Yesterday afternoon, Bitcoin briefly pulled back to nearly 80,000, causing some panic, but it started to surge again in the evening, reaching 89,530 this morning, getting very close to 90,000.

Ten days ago, many people thought Bitcoin would rise to 70,000 in the short term or touch the previous high of 73,000. When Bitcoin broke through 75,000, I thought it was highly likely to be a short squeeze, and touching 80,000 would begin a period of consolidation.

However, no one expected that Bitcoin would rise from 68,000 to 90,000 in just one week.

From a technical perspective, looking at Bitcoin on the daily chart, it has seen two consecutive days of increased volume. It is difficult for it to drop directly from this position; at most, it will consolidate sideways. However, regardless of how it consolidates, it is hard for the bears to gain significant profits. According to the habits of the market makers, as long as there is a short squeeze and the top appears during the day, it is highly likely that this top is a false top, and there will be a second breakout.

Why is the daytime peak a false top?

This is because the trading habits in Europe and America indicate that as long as the night session peak is reached, it is highly likely to be a top, and the daytime peak is mostly to give retail traders time and space to short (leverage).

In simple terms, during the day when the peak touches the Asian trading session, I’m not afraid of your selling because I will pull it up, and I’m not afraid of your shorting because I will also pull it up.

Of course, if you want to attempt a short hedge against spot risk, this position is a critical point where you can try; this is also reasonable.

Wang's personal approach: No matter what, I won't short significantly in the near term; I will try small positions. I will consider selling spot even if I know it might still rise, but the short-term profit from buying low and selling high must be secured, and I will continue to observe for the long term.

Bitcoin's sudden violent rise meets my expectations. Because during the previous months of sideways trading, I repeatedly mentioned in my articles that the reason for the sideways or downward movement was not that a bear market was coming, but rather accumulation, accumulation, accumulation. Whenever the market makers want to pump it up, they can do so anytime.

Let's see what happened last night that caused Bitcoin to rise nearly 10,000 in one night.

1. Trump plans to appoint cabinet members who support cryptocurrencies.

According to Odaily Planet Daily, President-elect Trump will appoint cabinet members who support cryptocurrencies to fulfill his promise to make the U.S. the 'global cryptocurrency capital.'

2. Tether Treasury minted 2 billion USDT on Ethereum.

Tether has issued 4 billion USDT between October 7 and October 10.

3. Bitcoin's market cap surpasses that of silver and Tesla, becoming the eighth largest asset in the world.

4. Yesterday, multiple institutions in the ETF attacked and flowed in 13,900 Bitcoin.

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In my view, market sentiment leans towards institutional bullishness, while retail sentiment is bearish.

Currently, market sentiment is quite contradictory. Bitcoin holders and meme coins are continuously rising, and sentiment is good. The performance of altcoins is mediocre, and most are worried that after a Bitcoin pullback, altcoins will follow suit.

Someone asked for my opinion?

Currently, I am also conflicted about this trend. When Bitcoin was at 49,000, 56,000, or 65,000, I could firmly buy the dip, but now, with Bitcoin at such a high level, a pullback could happen at any time, and I cannot predict what will happen with the altcoins.

I tend to think that if Bitcoin can stabilize between 70,000 and 80,000, the bull market for altcoins will come. Now that it is close to 90,000, it is hard to say.

The liquidation map is now almost completely liquidated above, and as long as there are short positions, they will be liquidated that day. Around 70,000, nearly 11.5 billion US dollars of long positions have accumulated. In this one-sided situation, it is baseless to judge when to liquidate the lower long positions based on this data. However, I see that many people are using this data to 'anticipate a pullback.' Of course, a pullback will happen, but before it occurs, it is highly likely that these people will have already gone to zero.

The historic height of Bitcoin, of course, comes with historic liquidations, so everyone should be careful not to get slaughtered.

As far as I know, most of those who were shorting recently have gone bankrupt; their lives ruined since the dragon-slaying began.

Last question: Will there be a widespread bull market for altcoins soon?

This question is risky to answer because Bitcoin has already touched 90,000, and DOGE has recently tripled; many altcoins have also multiplied several times after the end of August.

My personal view is as follows; the answer might be inside:

What do you all think? Feel free to discuss. SK65586

Note: Market predictions are risky, and this analysis only represents personal opinion.#牛回速归，晒晒你的持仓？