The price of Bitcoin broke through $77,000 at 3:00 a.m. today (11/9), setting a new record high. According to TrdingView data, Bitcoin reached a peak of $77,229 (at the time of writing, the price of Bitcoin was $76,356). With a recent weekly increase of nearly 12%, Bitcoin's influence in the global market has once again attracted attention.
Experts pointed out that this wave of rise was mainly driven by a number of factors, including the introduction of more than $1.1 billion in capital inflows by BlackRock's iShares Bitcoin Trust ETF (IBIT), indicating that institutional investors' demand for Bitcoin has grown significantly. In addition, as cryptocurrencies are increasingly accepted by the mainstream market, discussions on Bitcoin as a reserve asset for the U.S. Treasury are also heating up.
Weekend Price Targets and Risk Management Recommendations
Well-known cryptocurrency analyst CrypNuevo predicts that Bitcoin may further test $77,500 over the weekend. This target mainly comes from the liquidation pressure of a large number of open short positions in the market. As the price of Bitcoin approaches this range, the demand for covering these short positions may become the driving force for the price of Bitcoin to rise.
However, the high volatility of the market also brings potential risks to traders. According to data, the crypto market saw $263 million in liquidations in the past 24 hours, including $136 million in long position liquidations and $127 million in short position liquidations.
CrypNuevo said there is still a lot of open short position liquidation pressure in the market
Former Binance CEO Changpeng Zhao (CZ) also commented on this, reminding investors to be cautious and conduct proper risk management. He suggested that investors should not invest all their funds at once, but should enter the market gradually to spread the risk. He emphasized: "There will be more fluctuations and adjustments in the market in the future. Investors need to control their greed and ensure that they have enough tolerance."
Is it worth entering the market now?
With the successful implementation of the second interest rate cut by Trump, Bitcoin has broken through the historical high three times in three days. Even our CCTV news reported it. It is not ruled out that newcomers will enter the market because of this news. At present, Bitcoin has reached the no-man's land, without resistance, so will it be smooth sailing or stop and wait for others?
Let's first look at the growth of Bitcoin, Ethereum, and Solana from the day before the election to now, which are 13%, 24%, and 31% respectively. It can be clearly seen that the growth of Bitcoin is weakening. It can be said that the market value of Bitcoin is too high and the growth is slow. It can also be said that Bitcoin is slowing down and waiting for people to catch up with Ethereum before starting a new round of altcoin season.
Ethereum has lived up to the expectations of its big brother and is making great efforts. None of us has ever seen Bitcoin at this height, and we cannot predict how high it will go next. I personally think that it will most likely press on and break 8 within the month.
Although Bitcoin still has the potential to continue to rise after setting a new high, the high volatility and risks of the market cannot be ignored. Many experts have advised investors to remain cautious at this stage, not only to control the timing of entry, but also to consider appropriate risk management strategies.
There are three possible market scenarios:
The first scenario is that the US stock market and BTC continue to soar, BTC sucks blood, there is no alt season or a small-scale alt season. It will last until the first half of next year, and then the US economy will experience a slight recession, the US stock market and the cryptocurrency market will fall, and the bull market will end.
The second scenario is that the U.S. stock market and the cryptocurrency market collectively pull back, and even a small black swan may appear, and the main force will take advantage of the situation to dump the market and absorb funds. Then, starting around the second quarter of next year, the bull market will gradually start and the cottage season will arrive.
The third type is a combination of the above two types. The two bull markets first saw the U.S. stock market and BTC continue to soar, with BTC sucking blood. There was no alt season or a small-scale alt season. It lasted until the first quarter, and then fell back due to the impact of the event. Then, as the impact of the event faded and interest rate cuts accelerated, the market started again in the second half of the year, and a round-up alt season arrived, which lasted until the end of the year.
The probability of the first case is relatively low. The second and third cases are difficult to speculate, because the difference between the two cases is whether there will be a bull market driven by emotions. If there is a first bull market, it should be a "fantasy" market of trading emotions. The industry narrative and capital liquidity are not in place. Market sentiment can be said to be changing rapidly and difficult to speculate.
