The zoo market has reappeared, and recently many animal concept coins such as EDOGE, PESTO, MOO, DENG and CHEEMS have experienced significant increases.
The return of the Meme narrative means the recovery of altcoins. After the adjustment, altcoins will usher in an explosion. It is expected that Q4 will be a big explosion of altcoins.
Bitcoin is trending healthily at the 4-hour level, and there is no need to pay attention to the broader market, as it is expected to continue to rise before the end of the year, which will boost market confidence. Therefore, attention should now be paid to community or other high-quality altcoins.
The market is currently in an upward trend, but it has been sideways for a while in the 62,000-65,000 area. The current upward trend is relatively steep. If it can stand firm at 65,000 and then go sideways, it will be a healthy performance. From the weekly and daily lines, Bitcoin has stood above the 15-day EMA, which is in the bull resonance stage. This wave of breakthrough is worth looking forward to! If it succeeds in breaking through, it will bring a money-making effect.
Why do we say that a big bull market may really be coming? And how will the market develop in the future?
Gold continued to surge, breaking through all-time highs. Bitcoin rose by $4,000 in the past week, and Ethereum rose by nearly $300. The crypto industry experienced its best performance since September. If this momentum is maintained, Bitcoin's September decline will be broken. Analysts believe that this is just the beginning, and the next October or even the entire Q4 will usher in a bigger outbreak.
What factors drive the rise of Bitcoin?
1. The Federal Reserve cuts interest rates, marking the beginning of the rise in Bitcoin prices.
2. Gold prices soared.
3. Ethereum rebounded and market sentiment improved.
4. Harris publicly supported the crypto industry for the first time.
Will the copycat season return?
This wave of altcoins seems to be really starting. You may have missed a lot of opportunities, but you must seize the key one, otherwise the previous investment will really become a sunk cost.
Some people say that the copycat season no longer exists, but how should the term "copycat season" be defined? If it is not clear, anyone can argue.
I think the alt season is still coming, but the timing is not yet ripe and it is different from what many people think. If 75% of the top 50 tokens outperformed Bitcoin in the past 90 days, it is considered an alt season. The top 50 does not include stablecoins and asset-backed tokens.
What kind of alt season do you want? Is it when 20% of altcoins rise, or when 50% of altcoins rise?
In fact, the market dominated by AI and inscriptions in November 2023 can be regarded as a "copycat season". After all, the copycat season index has risen from the bottom to 75!
Even if the new funds are only invested in Bitcoin or Bitcoin ETFs, who sells them? It is people in the cryptocurrency industry who sell them. Will those people leave the cryptocurrency industry after selling? How can altcoins and Bitcoin be isolated? The logic of this point has been complicated by many experts.
Looking back at history, any bull market starts with Bitcoin. This is the rhythm of water flowing in, and the outbreak of altcoins is just waiting for more funds to enter.
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