Bitcoin touched $96,999, just a step away from $100,000. One coin, one villa; this once fantasy has ultimately become a reality. Unfortunately, most people have already handed over the coins in their hands. The more it rises, the more people talk about a major correction. Recently, it has been said that there is currently no possibility of a deep pullback. Near the btc 100k area, selling high might be a hedge worth taking. If it is to charge directly to 110k, wait for the price to fall back to 98,888 after reaching 101,600 to enter long positions for safety, indicating that 100k has been officially broken.
As Bitcoin rises to this extent, some interesting things have happened:
Contract short sellers continue to face liquidation, constantly adding margin until they go to zero.
This is what I have repeatedly mentioned before, 'beware of short squeezes', especially for Bitcoin. In yesterday's article, I specifically warned everyone to be cautious about shorting, as Bitcoin is highly likely to surge to 95,850. This position has now broken through and exceeded by a thousand points, but altcoins have generally not followed suit.
Altcoins continue to decline, and Bitcoin is severely bleeding.
The following chart is the monthly line of ETH/BTC for the past 6 years. When the wedge converges to the end, if it does not break upward but instead breaks downward, people's hopes are shattered. At this moment, even the KOLs who were bullish on ETH/BTC at the beginning of the year have lost their strength to curse.
In my previous articles, I repeatedly reminded fans to reduce their holdings at high points and keep a good base. Although Bitcoin is in a bleeding state, it is reasonable for altcoins to rebound, but the risks are greater. Therefore, reducing positions before Bitcoin's pullback is a helpless move.
I found that even when I tell everyone the reasons and points for the rise, many still went short yesterday; this is the sentiment of retail investors.
Logically, with Bitcoin rising to now, I should not expect it to continue rising but rather to consolidate and slightly decline. However, the market makers will definitely not act according to my thoughts. It is expected that there should be a rapid spike upward before considering switching to high shorts; at this stage, shorts should be small, and selling spot is advisable.
I drew a line for Bitcoin, as follows:
Bitcoin is highly likely to break through a very high point, quickly fall back (it must be fast), then consolidate for a period before dropping again. It can be confirmed as weak; do not consider a turnaround before similar indicators appear.
If it can achieve a slight decline in consolidation, returning to around 80,000, it would restore confidence in the altcoin market, and a bull market may then arrive.
Lastly, I want to say that during this wave, BTC has been rising, but altcoins have not fluctuated much, and some altcoins are even losing money! This is the norm; in the crypto world, your belief can only be BTC! It can only be Bitcoin! With the entry of large institutions, BTC may be noticed by more and more people.
In the future, Bitcoin is highly likely to remain at a price of 1btc=1btc. As for how the market fluctuates, let's wait and see. No matter how many Bitcoins you have, as long as you can hold on firmly, then my previous self-excitement will become a reality.
