Analyzing the current position of the market and the altcoin trend from four perspectives:
1. From the first image, the altcoin season of 2020 started on December 28, 2020, and the altcoin season of 2024 started on November 18, 2024. I have marked our current position in the image.
2. Looking at the Pi Cycle Top Indicator in the second image, the first intersection in 2021 occurred on April 15, and so far in 2024, there has been no intersection, indicating that the top is still early.
3. Take a look at the Bitcoin Ahr999 indicator in the third image. In March 2021, AHR999 reached 9, while today’s indicator is only 1.48, showing a huge discrepancy.
4. In the last 24 hours, a total of 545,336 people globally have been liquidated, with a total liquidation amount of $1.649 billion.
Today, the losses in the altcoin market are significant, with the liquidation amount hitting a historical high, far exceeding those on March 12, May 19, and August 5 of this year. The price of BTC has been increasing, leading to larger liquidation amounts, and the contract market is becoming more mature.
Summary: After a few days of fluctuations, the market may recover, followed by a continuation of the upward trend.
Be aware that the market may still experience further spikes or pullbacks.
In my personal view, it is basically very difficult to fall below the 93,000 position.
