During this adjustment phase of Bitcoin, there has been no obvious downward push. The adjustment from 99,588 to 90,791 could be the entirety of the adjustment, or it may just be part of it. Here, I present two potential support levels for Bitcoin's adjustment, namely 94,500 and 91,500.
Bitcoin successfully rebounded near 91,500 and has now recovered the Fibonacci 0.786 level of the downward segment. If Bitcoin can continue to rise and break the high of 97,208, it will form an upward dynamic. Therefore, the previously mentioned adjustment from 99,588 to 90,791 being the entirety of the adjustment and starting a new upward trend will greatly increase.
Bitcoin's current market value ranks 7th among global assets. When its price breaks $100,000, it will surpass Google and enter 6th place. In this bull market, Bitcoin's price is expected to rise to the range of $150,000 - $300,000, so ultimately it should be able to surpass Apple and enter the 2nd place in global market value.
In recent days, Ethereum has not followed Bitcoin's downward trend but instead has surged significantly since last night, nearing $3,700 at one point. This strong performance has once again attracted market attention to the Ethereum ecosystem, with several popular tokens performing exceptionally well.
Among them, the price of ENS surged more than 53% in a single day, becoming a standout among the top 300 tokens by market cap, currently quoted at $33.25. The price of Puffer skyrocketed by 60% in a single day, now reported at $0.6546. EIGEN's price rose 25% in a single day, breaking above $4.1, just shy of 10% from its historical high, now reported at $3.77. With Ethereum's strong performance continuing, related ecological tokens like INST and ENA are also worth watching. The market may soon officially welcome the altcoin season!
This inevitably brings to mind the market of 2020-2021. At that time, Bitcoin initiated a significant upward trend, followed by Ethereum's rise, and then a switch in roles where Ethereum surged dramatically, with violent upward trends emerging in various tracks. Although history does not repeat itself exactly, it has tremendous reference value. Despite essential differences from 2021, such as the Fed not injecting liquidity and limited liquidity, if BTC maintains a frenzy (FOMO) and ETH continues to rise.
So, which track projects are worth our attention?
MEME Track:
It is worth noting the new meme projects that have been listed on major exchanges like Binance. Based on historical experience, these projects will continue to be speculated, as market makers need to leverage market speculation to make profits. Of course, there are also opportunities for older meme projects, but the specific allocation must be managed by everyone themselves. Don’t forget, a powerful new meme was born at the end of 2023, and when Bitcoin hit its peak of 73,700 this year, there were also impressive new memes launched on Binance spot. Next, new powerful memes are likely to continue to emerge and be listed on large exchanges.
Public Chain Track:
In every major upward market cycle, public chains have never left the table. There are many, like Sol, INJ, TIA, SUI, SEI, etc. Especially new public chain projects that have landed on large exchanges like Binance in the past year or two, such as OMNI, which have seen significant increases recently. For older public chains, opportunities can be found in SOL, INJ, ADA, etc.
AI Track:
In early 2023, many AI-related projects in the crypto market saw significant increases. Subsequently, from late 2023 to early 2024, crypto projects related to AI like FET, even those just slightly related like WLD and ARKM, also experienced good price increases. In this wave of the market, I don’t need to elaborate on which AI-related projects are currently hot.
L2 Track
Since the relevant projects in this track landed on major exchanges like Binance, the real hype occurred during the ETH narrative upgrade and then again from late 2023 to early 2024. The price increases of ARB, OP, etc., should be fresh in everyone's memory. Also, it requires ETH to rise significantly, so in this track, it's best to choose strong narratives and leaders that can make an impact.
The market has new tracks and narratives that deserve more attention. For other tracks like infrastructure, if you have surplus funds, you can choose leading projects for allocation. This conclusion is based on the new project track situation on exchanges like Binance, CB, as well as the U.S. macroeconomic and stock market conditions combined with historical bull market speculation feedback.
