After this decline, the overall market has not yet reached a new low. I have a feeling that the market is almost done. In about half a month, the copycat market will come back. Don't be kicked off the train at this time.
1. At this recent point in time, the copycat stocks have been falling again and again, and the market panic index is getting higher and higher. Everything has its limits, and the dealer’s goal has been achieved, and those who should get off have already gotten off.
2. The bull market process is only 50%, and the remaining 50% is our main battlefield.
3. Once Bitcoin breaks through 100,000 US dollars, it is time to flock to the mainstream track.
4. What new narratives will there be in the future? Still centered around MEME, AI, and blockchain oil.
Five major medium- and long-term indicators show that BTC has not yet reached the peak of this bull market!
1. Rainbow Picture
The Rainbow Chart is a long-term valuation tool that uses a logarithmic growth curve to predict BTC’s potential future price action. The Rainbow Chart shows that now is still a good time to buy BTC.
2. Relative Strength Index (RSI) Chart
≥ 70: BTC is overbought and may fall soon.
≤ 30: BTC is oversold and may rise soon.
The current RSI is 69.93, and compared with previous data, it seems that BTC has not yet reached its peak.
3. 200-week moving average heat map
The 200-week moving average heat map shows the current price point in blue, which means the price top has not yet been reached and now is the time to hold and buy.
4. Cumulative Destroyed Coin Value (CVDD)
When the BTC price touches the green line, the BTC price is undervalued, which is a good buying opportunity. The current CVDD shows that the top of BTC seems to have not yet been reached.
5. 2-year MA multiplier
The 2-year moving average multiplier shows that the price of BTC is in the middle of the red and green lines. It has not yet touched the red line, the market has not yet topped!
Can we see another round of copycats with tens of thousands of coins flying around?
Let’s first look at the current market situation
1. The number of altcoins hit a new high, with 1 million new coins created in May alone, twice the number of tokens on ETH from 2015 to 2023.
2. The proportion of altcoins/BTC has been on a downward trend this year and is currently approaching the lowest point of the bear market.
3. The overall narrative is relatively backward, specific narratives perform significantly better than other narratives, and there is a lack of killer application innovation.
4. The altcoin market as a whole has entered the PVP stage - there was a general rise in Q4 of 2023, more gains than losses in Q1 of 2024, and extremely dispersed liquidity in Q2 of 2024, with more losses than gains.
To sum up, the market has no money, altcoins are too saturated to be pulled up, and the overall liquidity is relatively poor, which may be more difficult than the bull market in 2020.
The development of anything is constantly evolving and will not remain unchanged.
If you play the copycat game in this cycle according to the logic of the previous round, your mentality will inevitably collapse. The characteristic of this cycle is that funds mainly flow into Bitcoin through channels such as ETFs.
As the market improves, the overall funds should also be reflected in the top BTC ETH. The growth in the altcoin season may be the result of hot money pulling up a few hot tracks locally. It is unlikely to see a spectacular scene of tens of thousands of coins rising simultaneously.
Therefore, in the second half of this cycle, copycats must focus on narrative tracks that can be hyped: AI, Depin, and MEME!
If it is an old coin, you should choose a large exchange to list it. It should have gone through a period of wash-out. The team should be good at hype and marketing and be able to keep up with market hotspots. The main force should have enough chips to increase the distribution in a new round of bull market.
If it is a super early coin, it is best to choose a brand new asset type + profit distribution model + highly decentralized new asset.
After taking a rough look at yesterday's market, there was actually no bad news. It was just because the BTC ETF data decreased and there was a large outflow. Among them, 9 US spot ETFs reduced 2,287 BTC, with a net outflow of 189 million US dollars, causing BTC to fall first. At present, it seems that the price will return to normal after the inflow next week, so there is no need to panic!
The recommended DOG is currently priced at 0.0066. This coin is the leader in Runes. Some people made a small bet before and successfully doubled it. Because it is on GATE, you can download it by yourself if you don’t have it. The trading volume of DOG has never dropped, which is similar to ONDO at the time. It will be listed on major exchanges one after another. The script should be to list Binance’s contracts first, and then spot trading pairs. The above B can be seen at 0.0085, and the second goal is to double it.
