"The quality of decisions depends on the information you have and your ability to process that information. — Ray Dalio, Founder of Bridgewater Associates — (Principles)"
The new year has brought a new recovery to the cryptocurrency market. The buying pressure has started to return, and although Bitcoin's price fell below $92,000 during the Christmas holiday, it has now rebounded to nearly above $97,000. The price has risen and exceeded the "key level of $97,200 bullish resistance" mentioned in previous articles, indicating a short-term bullish trend recovery.
The market value of Bitcoin has reached $1.93 trillion and is expected to return to a market value of $2 trillion.
Currently, many altcoins are also showing strong upward potential, with Bitcoin's market share in the cryptocurrency market declining to 56.8%, indicating a more significant rise in altcoins, and capital is beginning to overflow into other cryptocurrencies.
However, the broader altcoin market has failed to recover. The altcoin index remains at 47, roughly the same level as last Friday (49).
The Cryptocurrency Fear and Greed Index fell to 54 last Friday but has successfully rebounded to above 60 this week. Although the rebound is small, it has boosted the confidence of market participants.
As of now, Bitcoin has celebrated its 16th anniversary! However, I believe that compared to future developments, Bitcoin's achievements so far are still insignificant.
Note: All content represents the author's personal opinions and should not be interpreted as investment advice or in any way as tax, accounting, legal, business, financial, or regulatory advice. You should seek independent legal and financial advice, including advice on tax consequences, before making any investment decisions.
