The pullback of BTC has arrived!
Bitcoin has undergone a round of adjustment, similar to what was mentioned yesterday, dropping to around 93000. This has caused many brothers to start worrying about a crash or the end of the bull market. Small-scale pullbacks are very necessary; there’s nothing to be afraid of.
Bitcoin confirms an expanded adjustment level, with support at 92500 on the 4H level. This support was mentioned before, and now we need to see if it can maintain fluctuations using this support or continue to break down directly.
The overall trend remains positive. Bitcoin's ETF is still flowing in, and let's not forget that the interest rate cut cycle is still in play. Not to mention, there's another interest rate cut on the 18th of next month. Right now, for spot trading, it's about picking quality varieties—just two words: hold on, and don't worry too much.
As for other contract players, in the last 24 hours, a total of 161,007 people were liquidated, with a total liquidation amount of 527 million. Although it is a bull market, it does not rise continuously. The endpoint will be very high, but the process will be very bumpy, so cherish life and stay away from contract leverage. Don't be stubborn and act like a short seller; profits are limited, and the risk of liquidation is high—there's really no need.
Here is a prediction of the most likely trend:
Only when Bitcoin pulls back, can there be a rally in altcoins. It's important to know that retail investors have different logic from institutions. Institutions may only recognize leading projects in their sectors, so funds only chase Bitcoin. However, retail investors are always seeking to overtake on curves. This wave of Bitcoin's beautiful performance has created a significant demand for altcoin rebounds. Retail investors have noticed this, which is why they are putting their funds into the altcoin market. This wave of altcoin rebound is also equivalent to solidifying the foundation for Bitcoin to break through 100k, as this breakthrough is a result of both funds and emotions.
The best state is for Bitcoin to fluctuate at a high level, allowing Ethereum to rally and drive a bunch of altcoins to take off!
When Ethereum continues to rally, even if Bitcoin breaks the support of 92500 later, it gives Ethereum room to pull back. This is a relatively good state for a bull market relay.
If the market only relies on Bitcoin for the rally, then retail investors' funds may never catch up with Bitcoin. However, the rebound in altcoins will certainly attract retail funds to chase or encourage retail investors to sell their already rebounding altcoins, thereby assisting Bitcoin in breaking through in terms of funds and emotions. After Bitcoin rises, it can stop and wait for altcoins. This process needs to be repeated continuously to create the familiar altcoin bull market!
As for how to select high-quality and valuable altcoins?
The Meme sector is undergoing an adjustment:
Previously, the Meme market was the main force in the market, but it has now started to pull back. Even when Musk tweeted several Memes, these projects showed a wave-like trend, surging high before starting to crash. Even when the old horse personally appeared, he couldn't bring out a golden dog, indicating that the Meme market is indeed fading.
If there’s no narrative on-chain, one must find a high position to clear out. Don't have illusions! In the end, Memes are all just a pile of feathers; only a few with strong communities and narrative capabilities will survive.
Look at the trend: for example, Doge has Musk promoting it madly, and the market is also speculating, continuously attracting traffic and funds, so Doge naturally rises.
Look at the team operation of the project community: Being able to actively create narratives and promote it, just like a certain announcement on Neiro a while ago.
We also need to see if there are strong market makers: Having these conditions makes it more promising, as any project hype relies on traffic and funds.
Although Bitcoin is pulling back, the altcoin market is completely ignited:
This wave mainly revolves around old coins on CEX, with almost all old coins increasing by more than 30% over the weekend. This market trend is very similar to the collective return of large funds to CEX after the farming craze in 2020. Few people managed to successfully switch to the CEX market back then; most made money in DeFi and missed out on CEX. This wave of events is quite similar.
Every pullback is the best opportunity to get in, but prioritize leading projects, public chains, DeFi L2, etc., as these are the market's top choices.
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