What will happen to Bitcoin next, and where will it jump to?
Many people have asked me this question, and I'll share my views:
Currently, Bitcoin's trend is exactly like it was in 2020, starting to rise in October, doubling by November 25th. The last round went from 10,000 to 20,000, and this time it's from 50,000 to 100,000. After that comes Black Friday, the traditional shopping frenzy in the West, which aligns with the probability of a decline during holiday seasons. A large number of retail investors will take their money to spend, pulling a lot of funds out of the crypto circle. Of course, the amount withdrawn won't be too much, but many people will anticipate this pullback situation. Therefore, even if they don’t go shopping, they are still selling at high points, and combined, this increases the pullback effect.
In the last round, there was a 16% pullback during Black Friday week, and this time it might be a bit less. I see 875 as a very good key support level; if it reaches that, it can be directly entered. Additionally, above 90,000 is also a good round number support.
In the last round, after Black Friday, it slowly rose back, consolidating for two weeks before continuing to explode. So this time could be similar, and we have seen how strong ETH is now. With large funds entering, Bitcoin dropped but ETH consolidated. Once Bitcoin warms up, ETH will start to gain momentum.
I will occasionally share more market suggestions and strategies in the chat room.
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