Bitcoin surged to around $59,000 in the early hours of yesterday (11th), then quickly rebounded and continued to rise, directly rebounding by 5 points. In the early hours of this morning, after climbing to a high of $63,417, the price of Bitcoin began to fluctuate in a range. At the time of writing, the price was $62,754, up 3.22% in the past 24 hours.
The daily big positive line reversed and directly touched the pressure above 63,000. Such a market will generally adjust for a day today. It is possible to close a big cross star to adjust, allowing retail investors to guess the direction. If it is strong, it will start to charge again in the evening or at night. Today's operation is mainly to wait for a callback point and then go in more. In terms of operation, whether it is to choose to buy again below 60,000 points in the early stage, or to wait for the low point again, it is right. If you want to do a swing, the next swing delivery point is around 64,000 points. The long-term holding view is to continue to wait patiently for the opportunity of the low point, or wait for the establishment of a reversal signal. There is no conflict between the points. The intervention in the lowest point range and the tracking after the breakthrough reversal are both very conservative forms of long-term strategies. The data showed a net outflow of 120 million US dollars from the Bitcoin spot ETF yesterday, and a net inflow of 3.06 million US dollars from the Ethereum spot ETF. The short-term reference of this data has little impact.
September and October are the golden months. Can Bitcoin still stage an October offensive?
Data shows that in the past 11 years, there have been 9 increases in October, with an increase probability of 82%. For this reason, the crypto market often calls October "Uptober." However, after two crashes in early October, the market's confidence in October's bullishness is gradually weakening.
Despite this, I still think the odds of a bullish October are still high!
U.S. stock indexes are rising, with the S&P 500 hitting new highs, and although the crypto market has not yet shown the same optimism and has even tested the $60,000 mark four times recently, as long as the key support level of $60,000 remains unbroken, I remain hopeful for an “Uptober” rally.
And judging from the Bitcoin contract funding rate, the market still shows bullish sentiment. The overall economic factors affecting the performance of the crypto market are shifting from monetary policy to the results of the US election.
With the return of funds, stablecoin liquidity continued to grow to a record high of $169 billion at the end of September, up 31% year-to-date (YTD). Tether's USDT still dominates, with its market value increasing by $28 billion to nearly $120 billion, accounting for 71% of the market share.
and Circle’s USDC, which added $11 billion to $36 billion in market cap, up 44% year-to-date and commanding 21% of the market. Record volumes of USD stablecoins and a surge in large Bitcoin transactions could set the stage for a broader rally in BTC in the coming weeks, keeping the asset’s bullish seasonality intact for October.
Some time ago, the A-share market was soaring, and funds flowed out of the cryptocurrency circle. But after the brakes were stepped on, the madness at that time disappeared. Last night, the Bitcoin ETF had a net inflow of 250 million US dollars, indicating that funds are gradually returning to the cryptocurrency circle. The market will surely rekindle the bullish trend and regain momentum!
How long can the altcoin game 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.
Meme is still going strong! Pay attention to these top meme coins
WIF
The SOL chain has produced many billion-level memes this year, especially Bome, which was listed on AnAn in just three days and six days without anyone noticing, and also made a small number of people rich.
Bonk is one of the earlier ones, it was posted very early, and relatively speaking it is an old meme on Sol.
If we choose from the perspective of speculation on new rather than old, then the meme under the sol chain is the first new Bome, followed by WIF and finally Bonk. But if we look at the market value, WIF is more than 2 billion, Bonk is more than 1 billion, and Bome is more than 400 million. I am personally conservative and prefer a larger market value. Judging from the number of holders and the number of profit-taking addresses, Bome has made more profits and held more in the early stage. WIF did not have as large holdings and profit-taking as Bome and Bonk in the last round.
Taking the three into consideration, WIF is better.
Therefore, this is the reason why we have been emphasizing that WIF should be configured when a big drop occurs.
PEOPLE
PEOPLE, the unique American election/political themed "meme coin", has been proudly listed on a first-tier centralized exchange!
With American blood and capital support, PEOPLE is centered on the United States, bringing together the wisdom of American founders and the strong support of American capital. It is ready to go!
The top exchange currencies, the eye-catching market performance is closely linked to the upcoming US election, PEOPLE showed surprising relative strength during the election debate.
