This round of adjustment for Bitcoin does not show downward pressure. The adjustment from 99588 to 90791 may be the entire adjustment or just a part of it. I propose two potential support levels for Bitcoin's adjustment: 94500 and 91500. Bitcoin successfully bottomed out and rebounded near 91500, currently having consumed the Fibonacci 0.786 of the downward segment. If Bitcoin can continue to rise and break the high point of 97208, it will create upward momentum, which will greatly increase the possibility that the adjustment from 99588 to 90791 is the entire adjustment and opens up a new round of upward potential.
Bitcoin's current market capitalization ranks 7th among global assets. When its price breaks $100,000, it will surpass Google and rank 6th. In this bull market, Bitcoin's price is expected to rise to the range of $150,000 to $300,000, so ultimately, it should be no problem for it to surpass Apple and rank 2nd in global market capitalization.
In recent days, Ethereum has not followed Bitcoin's decline, and started to surge significantly last night, approaching $3,700, which has allowed the Ethereum ecosystem to regain market attention, with multiple popular tokens performing well, including:
ENS: Price skyrocketed over 53% in one day, becoming the best performer among the top 300 tokens by market capitalization, currently reported at $33.25.
Puffer: Price surged 60% in one day, currently reported at $0.6546.
EIGEN: Price increased 25% in one day, breaking through $4.1, only less than 10% away from the historical high, currently reported at $3.77.
INST, ENA, etc.
With Ethereum's strong performance continuing, the performance of related ecological tokens is worth paying attention to, and the market may officially welcome altcoin season! This reminds one of the market conditions of 2020-2021. At that time, Bitcoin initiated a significant upward trend, Ethereum rose, and then the roles reversed, with Ethereum surging significantly and various tracks experiencing violent upward trends. History may not simply repeat itself, but its reference value is enormous.
Despite the fundamental differences compared to 2021, such as the Federal Reserve not injecting liquidity and limited liquidity, if BTC maintains FOMO sentiment and ETH continues to rise, which project tracks are worth paying attention to?
MEME track:
The focus is currently on new meme projects that have been launched on major exchanges like Binance. According to historical experience, there will be continued speculation, and market makers need to leverage market speculation to make profits. Of course, there are also opportunities for older memes, but specific position allocation should be handled by friends themselves. Don't forget that a powerful new meme was born at the end of 2023, and during the peak of Bitcoin at $73,700, a powerful new meme was also launched on Binance spot. The next powerful new meme may continue to emerge on major exchanges.
Public chain track:
In every main upward wave, public chains have never left the table. There are too many, such as SOL, INJ, TIA, SUI, SEI, etc. Especially in the last one or two years, new public chain projects launched on major exchanges like Binance, such as OMNI, have seen significant increases in recent days. As for opportunities with older public chains, SOL, INJ, ADA, and others can be focused on.
AI track:
In early 2023, projects related to AI in the crypto market saw significant increases. Then from the end of 2023 to the beginning of 2024, crypto projects related to AI, such as FET, and even those that are slightly related to AI, like WLD, ARKM, etc., also experienced good increases. In this wave, recently, AI-related projects are on fire, no need for me to elaborate.
L2 track
Since the related projects of this track landed on major exchanges like Binance, the real hype occurred during the upgrade of the ETH narrative, and again during the surge from the end of 2023 to the beginning of 2024. At that time, the increases of ARB, OP, etc., should be fresh in everyone's memory. Moreover, it also requires a significant increase in ETH, so this track should focus on strong narratives and leading projects that can create hype.
The market has new tracks and new narratives, which need to be paid more attention to. Then in other tracks such as infrastructure, if friends have surplus positions in their own funds, they can choose leading configurations. I have summarized this based on the situation of new projects launched in the last one or two years on Binance, CB, etc., along with the macroeconomic situation in the U.S. and the stock market, combined with feedback from previous bull market speculation.
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