When BTC pulled back to 61,000 during the day, it said, "This kind of needle usually shows the strength of market support and has a predictive effect on future higher prices." Sure enough, it went all the way up to 63,000 in the evening and began to fluctuate in a range, up 4.46% in the past 24 hours. In addition, Ethereum's trend was similar to Bitcoin, reaching a high of $2,400 in the early hours of today, up 2.53% in the past 24 hours.
Bitcoin ETF finally ends 3-day outflow
Recently, not only has the price of Bitcoin been repeatedly fluctuating, but the inflow of funds into ETFs has also been the same. This is probably as I said before, the effect of the Fed's interest rate cut has worn off, and with the arrival of the general election, a lot of funds have begun to withdraw, waiting for the election results to be finalized before making plans. At this stage, liquidity is too poor, and everything is empty talk if funds cannot flow.
The market is repeatedly pin-pointing, the crypto bull market may be late but it will definitely come!
Regarding the performance of Bitcoin, (CoinDesk) quoted SOFA executive Augustine Fan as saying that the reasons why Bitcoin has not been able to break through upward and set a new record high include:
There is uncertainty in the US election. Former US President Trump, who held high the banner of cryptocurrency, is currently considered a cryptocurrency-friendly person, but the Democratic Party and its presidential candidate Kamala Harris do not seem to be good for cryptocurrency;
The bankrupt cryptocurrency exchange Mt. Gox has been facing huge selling pressure since it began repaying creditors this year. Now that Mt. Gox has announced that it will delay the repayment deadline, the market may also be under selling pressure for a longer period of time.
Against the backdrop of the Federal Reserve's interest rate cuts, U.S. Treasury yields have rebounded, and market funds cannot flow into the cryptocurrency sector in large quantities.
$69,000 is a key resistance level
Finally, CoinDesk market analyst Omkar Godbole predicts that Bitcoin needs to break through the key resistance level of $69,000 to be considered a bullish signal:
The breakout would signal a return to Bitcoin’s overall uptrend since October 2023 and toward the $100,000 target identified by traders.
It is also worth mentioning that Bitcoin's historical performance shows that October is usually a good month for growth, but the growth generally does not appear until the second half of the month. In the short term, if Trump takes office in early November, it may become a market explosion point. The currency circle only needs this stimulus, and Bitcoin is expected to break through the previous high, directly increase by 20%, and reach $100,000 by the end of the year.
The gameplay of CTO and Panquan is very similar, so is Dagou the same as playing Pan?
Not the same, there are three differences
1. The game does not require complicated mechanisms, it is simple to play
Have you ever seen coin staking? Are there any taxes? Are there any distributions? Of course not. We are playing with consensus and culture. The only way for us to make money is to increase the price of the coin.
But the plate is different. The plate likes to play with pledge interest and multi-level distribution, so it is more suitable for people who do CX to make money. Even if the price of the currency falls, some people can make a fortune. Invisibly, it is no different from those VC coins.
So at least the local dog is fairer in terms of mechanism.
2. The plate is unlikely to have a second wave
No one likes to take over a rotten dish. It deserves to die. It’s better to start a new one.
But MEME is different. We often see some old MEMEs suddenly resurrect and break through their previous highs, because everyone is still playing with conceptual symbols. Once this symbol meets current demand, someone will hype it up and pull up the market. It is no surprise that MEME has a second and third spring, but it must have certain original IP attributes and not be a common imitation.
3. The radiation surface of the dish is too narrow
You said that there are many foreigners in a domestic film, but I will never believe it. At best, they are just foreign actors hired with money.
But MEME is different. Currently, mainstream MEMEs are mostly global, so the hype can have a wide impact. This is very important, because those who are cutting leeks are mostly niche self-entertainment plates, which cannot be spread at all.
How long can altcoins last?
Judging from the subsequent market development, the fifth wave started after Bitcoin hit the second bottom on September 6. The third wave lasted for 6 months (September 12, 2023-March 13, 2024), and the fifth wave coincided with the global easing cycle. The Federal Reserve is expected to stop shrinking its balance sheet after March next year. More than 90% of FTX’s compensation funds will be received in the first and second quarters of next year.
Therefore, it is estimated that the duration of the fifth wave will not be shorter than 6 months. In this case, the peak time of the Bitcoin bull market is estimated to be March next year or later. The peak time of the altcoin season in the first two bull markets was about one month later than the peak time of Bitcoin, but the peak time of the altcoin season in the third wave of this bull market was basically the same as that of Bitcoin, so the peak time of the altcoin season in this bull market is also estimated to be in March or later.
We are experiencing a bull market process without any historical reference. There is no way to know where the end of this bull market will be, and when the highlight of this bull market will begin. The logic of the bull market cycle that has lasted for 12 years has undoubtedly been broken, and the hellish experience has become everyone's reality.
As for the future, this circle is generally optimistic. Just look at A-shares. When the wind comes, it only takes a moment. We are always full of expectations.
