Referring to the daily chart of Bitcoin, the early start of the bull market is in early 2023, but my impression is that it basically started to emerge from the last round of bear market in October 2022, when the price of Bitcoin was 16,000 US dollars and Ethereum was around 1,000.
After that, there was a unilateral upward trend. Going long in the trend is really profitable. The altcoins also soared. SOL is one of the banners, the L2 concept altcoin. The watershed came to 50,000 US dollars at the end of 23. I think this big unilateral trend has come to an end, which is the earliest stage of the bull market.
Many people will say that there will be another wave of rising market later. This is another stage. From the perspective of hindsight, the long and long range of fluctuations after breaking through $52,000 can also be regarded as a large range box fluctuation.
The anchor point of the new high of the large range of 73,600 was generated, which was the halving of Bitcoin. In addition, the U.S. Securities and Exchange Commission (SEC) approved the Bitcoin spot ETF for the first time in history and authorized 11 ETFs. The expectation of ETF application made the market go out of a wave of rapid rise in advance, and a large amount of Wall Street funds were injected until Bitcoin reached a historical high after the Spring Festival. In the future, the market entered a hellish trading mode, and all the altcoins also ushered in the fall after the highlight moment. The price of altcoins was halved and then halved again, and the exchange rate of Ethereum against Bitcoin fell all the way. The market liquidity decreased, and with every rise in Bitcoin, it would suck the blood of altcoins.
The above is a lot of nonsense, which is to help us see the past clearly and look forward to the future.
My current judgment on the market is that the market has fluctuated in a large range for more than half a year. With the positive news of the Federal Reserve's unexpected 50 basis point interest rate cut, institutions and dealers have successfully bottomed out at the low point, and the price of Bitcoin has also risen back to the middle line of the box. The next target high point will reach the dense resistance level of 72,000 points. As long as the large oscillating box is broken, a violent bull market may start later.
In fact, the cryptocurrency market is still optimistic. Due to the irregular fluctuations in the past six months, the chips in the hands of retail investors have been worn out. It is inevitable that everyone doubts whether the bull market is still there, and even many shorts are shouting that the price will fall to 50,000 or 30,000. But we must firmly believe that the arrival of the big bull market will not be too long. Save the bullets in your hands, wait for the opportunity, and then soar into the sky.
The above market analysis is Lao Bi’s personal opinion, and I hope it will be helpful to everyone.
#牛市到来 #比特币政策
