When the entire market is caught up in a frenzy, then this morning a wave of waterfall washed away the market's greed. If my followers are all spot traders, I definitely wouldn't sing the market down to mislead everyone, but would instead tell everyone to pay attention to escaping the peak, and where to buy the dip next. I saw a fan leave a message saying they went long and lost 20,000 USDT yesterday, asking if now is the time to buy the dip. I deeply feel regret, but this moment is definitely not the time to buy the dip; we need to wait a bit longer.

Currently, there is a lot of leverage in the market, and the leverage for contract trading has reached its limit. There are large orders distributed above 97,500, and this round of bulls has faced forced liquidation, which is far from completely cleared, as many profitable positions from this round of increase, especially the leveraged long positions, are still being held. Around 100,000, many traders are gradually taking profits and leaving the market, while the market sentiment index indicates that it is still in a state of greed.

The pullback is for better upward movement. Since November 12, the perpetual futures funding rate has been above 10%, indicating an increased bullish momentum; the current 30-day moving average relative to the unrealized profit level is about 0.54, usually indicating that the market will reach its peak over a longer period; the search term heat is only 34% of the peak in May 2021, indicating that speculative enthusiasm has not yet spread. The re-participation of retail investors will provide Bitcoin with further upward space.

The windfall of this bull market will present itself in 2025. Last week, the net inflow of Bitcoin spot ETF was 3.38 billion US dollars in a single week, reaching a historical weekly net inflow high. Almost all members of Ater's cabinet hold Bitcoin and are firm advocates of digital currency. With the influence of future interest rate cuts and various favorable factors, Bitcoin is bound to be pushed to a whole new historical height. In the short term, I am bearish, but in the long term, I am bullish. 100,000 US dollars is just the starting point for the third phase of this bull market; we just need to focus on where to buy the dip next.

I always maintain an objective and rigorous attitude towards every adjustment in the market. Yesterday, I suggested that we first look at 89,000 for this round of pullback, and if it breaks, we will make further adjustments. There is no need to look at 100,000 when it rises and 50,000 when it falls. Such irresponsible thinking and remarks are easily misleading. The power of the sell-off that follows will definitely be equivalent to the magnitude of the previous rise. It is possible that after a day of chronic fluctuations and increases, a waterfall drop in just a few minutes can bring it back to the original position or even a new low.