Risk is approaching, perhaps a wave of collapse is imminent.
At the end of October and the beginning of November, when everyone thought there would be a major correction, Bitcoin surged straight up without looking back, leaving no opportunity for people to buy in. Now, it is consolidating at a high level, prompting everyone to chase the price higher, and opinions have changed, believing there will be no further correction. However, once everyone thinks this way, a second dip or even new lows may be on the horizon.
The larger cycle is not yet a true bull market; a real bull market is when all coins are rising together, not just Bitcoin and a few select coins while other altcoins remain stagnant. This situation is inherently abnormal. As for the reasons, I will analyze them in the next article. Whether Bitcoin at 49000 in August 5th is indeed a bottom is still unclear, and we need to continue observing.
