Bitcoin ($BTC) broke the previous historical peak (ATH) of 69k, Ethereum ($ETH) reached 4k but did not break the ATH. After that, the altcoin market fell and went sideways for 3 months.
Currently, after 3 months, many people are calling to short $BTC at 71k because in the three previous times when $BTC touched this level, the price all decreased.
Altcoins have almost lost half of their peak value and while still moving sideways, technology coins are forecast to grow again next season.
In a sideways trend, two situations can occur:
1. Distribution chart: People are excited about the super cycle, predicting $BTC will reach $1 million, there will be no downtrend and Bitcoin will become the standard. This is the period when whales often sell their goods and leave the market.
2. Accumulated sideways chart: People are skeptical and analyze price fluctuations within a range of 15-20%. Some people find the "holy grail" in being short at range high and long at range low. But one day, the market may break for no particular reason, just because it has been sideways long enough to accumulate stock.
Fund flow from ETFs has returned, the European Central Bank has cut interest rates (although the US has not done so). The unemployment rate in the US is not good, leading to the desire to stimulate the economy, and the FED becomes more dovish with the market.
This is the most favorable environment after the 2022-2023 period when the FED only focuses on raising interest rates. The future is very bright, it's just that the price doesn't yet reflect this on the chart. When prices increase, people will shout FOMO and DCA.
