The roller coaster in the crypto market is playing out again! BTC continues to fluctuate, but in the long run, it is still steadily moving forward!
Yesterday's crypto market felt like a small roller coaster ride. BTC fluctuated slightly, and market makers tried to pull the price back but failed. This actually indicates that everyone is quite satisfied with the current price! From the data analysis, the upcoming market may have some adjustments, but don't worry. In the long run, the small train of increase is still steadily running on the track. For friends holding coins for the long term, just hold and wait to sell next year. Don't short just because of short-term fluctuations!
Remember, when the price is low, we buy; when it's high, we wait. Don't rush to sell everything. This way, we won't fear ups and downs, and our mindset will be as steady as Mount Tai! Don't be too anxious in trading; don’t rush in just because you are excited. Have a plan and take it slow. After all, we are playing for the long term, not staring at short-term fluctuations every day.
Bitcoin is currently fluctuating between 93,000 and 98,000. From last night to today, ETFs and bulls have been supporting the price, preventing it from dropping. It seems that the next move may be to explore a new direction within this range.
BNB has good potential, with a safe zone between 670 and 720. Airdrops have locked in a lot of coins, reducing the selling pressure, and there are more loyal fans, making it quite suitable for slow grid trading.
As for the second Ethereum, it is estimated to fluctuate between 3,200 and 3,700. Recently, there has been a lot of good news, and ETF institutions are continuously buying, which has basically provided good support.
Now let's talk about today's BTC technical analysis: From the candlestick chart, the 1-hour level is sideways, while the 4-hour, 12-hour, and daily charts show a downward trend. The intraday resistance level is at 96,500, and the support level is at 92,000 USD.
Ethereum rises, and everything thrives!
From a historical perspective, every time Ethereum undergoes a major upgrade, altcoins tend to experience a big market trend. From October 2023 to March 2024, this period may mark the beginning of the next big altcoin market, and the Ethereum Cancun upgrade in March 2024 may very well become the catalyst for this round of market.
Looking back at the past few Ethereum upgrades, almost every time there is hype in advance before the upgrade:
From January to April 2023, there was a big altcoin market, coinciding with the Ethereum Shanghai upgrade;
From July to August 2022, there was a big altcoin market, coinciding with the Ethereum Paris upgrade;
From July to November 2021, there was a big altcoin market, approaching the Ethereum Glacier upgrade;
From November 2020 to May 2021, there was a big altcoin market, accompanied by the Ethereum Berlin upgrade.
Before every upgrade, the market tends to hype in advance, and once the positive news is realized, the market often ends quickly. So, when is the next positive expectation for Ethereum? It is the Prague upgrade in March 2025!
Good news for Ethereum is often hyped 2-3 months in advance, so it is expected that in January 2025, the market will have a wave of increase, and altcoins may also surge.
Looking at Bitcoin's trend again, I have to say that this round of trend is almost identical to the last round of halving market! Bitcoin started to gain momentum in November, retraced 12% in December, completing a washout. By early January, after Wall Street returned from the twin holiday, the main force came back, plus the potential good news of Trump returning to power in January, rumored that he might announce Bitcoin as a strategic reserve currency.
Various positive news for Bitcoin and Ethereum are in front of us, and a big market seems to be just around the corner! Brothers, please firmly hold the chips in your hands!
Let's take a look at the altcoin side:
Today, in the altcoin sector, the AI agent segment is performing the strongest, with coins like Virtual, AI16z, and ELIZA all rising over 20%.
Currently, the trend of altcoins shows a 'stronger staying strong' trend.
Although Bitcoin has recently retraced, AI-related projects like Virtual, AIXBT, Game, AI16z, and ELIZA have hardly been affected, indicating that the market consensus on AI application projects is already quite high and has attracted large capital.
The current AI agent sector is somewhat like the DeFi Summer of the past, full of vitality and potential. Next year, the AI agent sector is likely to enter an explosive period, and various AI + blockchain plays are expected to be launched one after another, attracting more market participants and capital inflow.
Today, let's talk again about why I say that following Grayscale's layout can yield profits!
Here are Grayscale's recent bottoming actions, and these coins have performed well in the last 7 days and one month:
Link recently bottomed out at 50,900 pieces.
FIL recently bottomed out at 106,700 pieces.
SOL recently bottomed out at 4,713 pieces.
BCH recently bottomed out at 7,578 pieces.
LTC recently bottomed out at 33,110 pieces.
ZEN recently bottomed out at 304,031 pieces.
XLM has been liquidating for the past week, so I won't record it.
Moreover, although the performance of altcoins in the secondary market has been poor these days, except for platform coins, others are relatively sluggish. However, on-chain, especially in the AI agent sector, is still very hot. A few leading cryptocurrencies, like Virtual, still maintain a FDV of 3.1 billion; Fartcoin and AI16z are also stable at a market value of one billion, completely unaffected by the market correction.
Some recently emerging blue-chip coins, such as Game, have started to be favored by value investors. Previously, they were benchmarked against AI agent projects like AIXBT and Luna; now Game has directly shifted tracks to benchmark against AI16z. In the past few days, it has skyrocketed threefold, and its market value is close to catching up with AIXBT, feeling that there will be even more room for growth in the future.
In addition, new entrants in the field are emerging one after another, such as Spore, an AI self-replicating project, which has evolved to the third generation.
I personally think that the era of AI agents may last a long time, even longer than this round of cryptocurrency bull market. This is also why I believe there will be at least three AI agent projects with a market value exceeding 10 billion.
Today, a group friend asked me what to do in case of being trapped. In fact, if trapped in crypto investment, you can refer to the following strategies:
1. In short-term operations, if trapped, decisively stop loss and close positions. If a rebound cannot be seen in the short term, stop loss in time to avoid greater losses.
2. First stop loss, then buy on dips. First, take the loss on the losing part, and then buy on dips when the price is low to reduce overall losses.
3. When the market has not worsened and is not bearish, gradually average down against the trend. When the market is not in a clear downtrend or bearish trend, you can buy in batches to gradually lower costs while waiting for a rebound.
4. Set a stop-loss point; close positions at maximum loss. Set a stop-loss point, and once the maximum loss is reached, decisively close the position. Do not take risks; preserve your capital.
5. If high positions are trapped, wait for a rebound to leave during range fluctuations. If you are trapped in a fluctuating range and the support level has not been broken, you can wait for a rebound to exit.
6. Be patient with locked positions, unlock and increase positions when there are signs of bottoming out or rebound. If there is no particularly bad news after being trapped, you can lock in your position and wait for a market rebound signal before considering increasing your position.
7. After being trapped, add positions on dips using the pyramid method to lower the average cost. Whenever the drop reaches 15%, appropriately increase your position through pyramid-style increasing to lower the average holding cost while waiting for the market to rise.
8. Add positions in accordance with the trend to lower the average cost. If you see a big trend, increase your positions in line with the trend to lower the average cost while waiting for further market increases.
Finally, some important news updates:
1. According to a statement from the Ministry of Justice of Montenegro, Justice Minister Bojan Božović has signed a decision to extradite Terraform Labs founder Do Kwon to the United States.
2. The National Bank of Cambodia (NBC) has released new regulations allowing commercial banks and payment institutions to provide services related to stablecoins and asset-backed cryptocurrencies. However, cryptocurrencies like Bitcoin that do not have actual asset backing are still prohibited.
3. The total net asset value of Bitcoin spot ETFs has reached 108.241 billion USD, accounting for 5.72% of Bitcoin's total market value, and the historical cumulative net inflow has reached 35.962 billion USD. Meanwhile, the total net asset value of Ethereum spot ETFs is 12.013 billion USD, accounting for 2.99% of Ethereum's total market value, with a historical cumulative net inflow of 2.629 billion USD.
4. Investor James Fickel, who holds a bullish attitude towards the ETH/BTC exchange rate, exchanged 6,500 WETH for 225.6 WBTC yesterday, amounting to 21.68 million USD.