After Bitcoin broke through 70,000 US dollars, the market began to pull back due to the Mentougou currency transfer incident, and the lowest price fell to 67,000. It is currently trading sideways around 68,600. In fact, regarding the Mentougou time, old investors know that this is a cliché. He needs to come out and make trouble in every round of market. I hope he will land sooner.
Mentougou is preparing to repay its creditors before the October 31 repayment deadline. Compared with Grayscale's amount, Mentougou's amount appears more moderate and there is no need to panic. Small events can only slow down the trend but cannot change it. The gap between BlackRock's and Grayscale's Bitcoin holdings has narrowed to less than 2,000 BTC, so the market's large institutions will also be replaced at different times. We just need to be patient and go with the flow.
There were also some changes in the fan tokens yesterday. As recommended by chz before, it can be said that it outperformed the ordinary concept currencies. Fan tokens can still be held. Before the European Cup, there will still be changes in fan tokens. The dealer will only make things happen and ship goods when everyone is paying attention to this track. There is no consensus at other times, and it is difficult to attract funds to play these specific concept coins, so continue to pay attention.
In recent days, the rapid rise compared to last week has started to slow down, but this is normal.
After all, the correction in March and April formed a pressure zone above all coins, so the strong coins have now returned to the pressure zone and started to fluctuate to digest the selling pressure from above.
Why is there a selling pressure? The reason is that some of the people who entered the market at a high position at the beginning sold their shares during the decline, but there are still some people waiting. When the price rose during this period, they saw that they had recovered their investment and started selling, thus forming a selling pressure.
So don’t worry, the market will not continue to rise every day. A healthy market will rise and fall intermittently.
Once you have determined the trend, you don't have to pay too much attention to the market, just follow the trend.
Knowing that the current market is bullish and the general trend is healthy, you only need to select currencies.
Some coins are now consolidating in a downward trend, while some coins have reversed and formed an upward trend.
We only need to find the currencies that belong to the current hot sectors and are in an upward trend, and then wait until the top to escape.
Personally, I think Bitcoin will continue to fluctuate and consolidate for a period of time before it starts the second wave of relatively large market. After all, the more thorough the adjustment, the smoother the rise will be. Now, the adjustment time is actually not that much. After all, it has only been a month since the halving. In the short term, I personally think that there will be relatively more opportunities for copycats. After all, many projects have risen very well recently!
Of course, don’t be fooled by the fact that there are many stocks that have risen, but not many can really benefit from the increase! Many people may be buying at the bottom halfway up the mountain! What we need to do is to keep an eye on the chips in our hands and don’t change positions at will. As a result, when your project rises, you will find that your chips are no longer on the train!
Overall, there will be volatile consolidation in the short term. After all, many varieties have actually risen quite a lot recently, so you can pay attention to the rotation of funds!
In the current market environment, meme is the main force, RWA is auxiliary, and the rest are not so good, or the sector rotation has not yet reached some tracks. Yesterday, the Ethereum ecosystem Meme coin pepe in a memes world (PEW) went online and rose by more than 144 times. Every day, new memes come out, and every day, a lot of memes return to zero. Everyone must find a rhythm that suits them when playing memes.
Bitcoin received significant support near $67,300 yesterday and is currently on its way back to $70,000. The current market does not allow for a deep retracement because market sentiment has been fully mobilized.
Bitcoin will continue to rise at the 4-hour level, re-challenging the 70,000 mark, and then the new high of 73,777. In short, May is about to pass. As I said before, every pullback is the best opportunity. After May, there are few opportunities to hold cheaply.
The surge in meme coins shows that the market lacks narrative.
Currently, the Ethereum ETF narrative has been suspended. The market is waiting for the approval of the S-1 document. After it is approved, it will be officially listed and traded, and traditional funds will enter the market to boost the price.
But is it selling the news or just a direct increase? No one can tell for sure.
Some believe that after Ethereum passes, it will plummet like Bitcoin due to various selling pressures, and short-term investors will also choose to sell.
Some people think that the market will rise directly, because Ethereum is different from Bitcoin. Ethereum passed a document first, and this cycle provides enough buffer, and various negative factors will be digested.
The possibility of Ethereum rising directly is slightly higher, because the entire market predicts that Ethereum will imitate the trend of Bitcoin and directly pull back 20% when it is officially traded.
The market trend is often opposite to what most people expect, so an unexpected direct rise is more likely.
Of course, these are just predictions. As practitioners of long-termism, we only buy and do not sell now, so we can accept any short-term market decline.
It will be enough as long as we can eat the fattest piece of meat when we reach the finish line.
Take stock of the time nodes that are worth paying attention to!
June 27: First election debate
September 10: Second election debate
November 5: Election Day
January 20, 2025: Inauguration
These time points are critical, and the currency price is bound to rise and fall sharply. Not only election currencies, but the overall market will also fluctuate. The US presidential election has affected the trend of the currency circle. Trump has repeatedly supported cryptocurrencies and threatened that he would never allow the issuance of digital currencies launched by central banks to disrupt the crypto market. We don’t have to pay attention to the interests and competition between the two parties. In order to win the votes of crypto enthusiasts, Trump will certainly continue to support and support cryptocurrencies. The proportion of cryptocurrency users among potential voters has increased to 22%, and no one is willing to give up this piece of fat.
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