Today is Monday, June 24, 2024. There was a brief rebound over the weekend, and then there was another waterfall on Monday. It is really annoying to watch. The main reason is the continuous outflow of ETFs. This is not good. I don’t know when this outflow trend will end. Otherwise, even if Bitcoin shows signs of bottoming out, it will be difficult to see a decent rebound. If we continue to see outflows next week, Bitcoin may continue like this.
Then today Mentougou announced that it would gradually compensate users for their losses, which was a big short-term negative. The waterfall continued in the afternoon. Let’s say it crashes. We know that the non-farm payrolls and CPI in early May were positive, and the spot Ethereum ETF reported good news on May 20. Bitcoin had several decent rebounds in May, but the non-farm payrolls data in June was negative, and the Federal Reserve released a hawkish dot plot, lowering the expectation of this year’s interest rate cut, which caused us to suffer a heavy blow.
The worst thing is the copycat, which has even returned to the level of September last year, but there is no problem with Bitcoin itself. It has been moving within the normal level after halving. In the next few months, I think this range of fluctuations will continue. Bitcoin may face the problem of price correction after exceeding 70,000, and it will most likely continue until September of this year before there will be a significant upward trend.
Let's take a look at Ethereum. Actually, if you have the ability to invest in Ethereum, or if someone around you has the ability, you can actually consider it, because Ethereum will have a spring. This spring must mean that Ethereum will be able to reach new highs. Because you see, Ethereum is actually in a very difficult situation right now. But Ethereum as a whole is actually dragged down by someone, that is, its entire ecosystem. Everything in the Ethereum ecosystem is rubbish, except for ENS, which is still relatively hard, and everything else is not good.
Think about it, right? But Ethereum is a mainstream sector. If you consider buying coins, can you not buy Ethereum? Ethereum is also a major sector. Can you not buy it? Impossible, but the Ethereum sector is really rubbish. There is no project that can be shown off. So what should we do if we can't show off? If we can't show off, we will continue to smash it, smash it to a low enough position, and then there will be a strong rebound.
Whether it is OP or ARB, they have completely disappeared in the past few months. In fact, the impact of the current news is very small. And the main thing is that this market has included the US ETF yesterday. ETF has an impact on the trend of the big cake. But there is no big news in the US news now, including its data, and there is no important data, so this can be ignored. So what should we focus on at this position?
It depends on whether the exchange is willing to stop at this point. Because this point has actually achieved its goal. In fact, the way out for the copycats is that you leave it to time. And your own vision, it is that simple, your vision plus time, these two are in the copycats, after this kind of wash, there will still be ten times the value of the copycats.
Take Near for example. When Near dropped to 1U last year, who could have imagined that it would reach 8U? But at present, the depth of the fake market is still quite deep. And you have to understand that even though the unlocking volume is not very large, it can still run ten times. In this case, you have to have a certain grasp of its cyclicality and have enough understanding of the project. And its price performance is relatively stable.
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