How will Bitcoin move next and what position will it jump to?
Many people have asked me this question, and I would like to share my views:
Currently, Bitcoin's trend is completely the same as in 2020, starting to rise in October and doubling by November 25th. The last round went from 10,000 to 20,000, while this time it is from 50,000 to 100,000. After that, it's the Western traditional shopping frenzy day, Black Friday, which aligns with the probability of a drop during festive seasons. A large number of retail investors will withdraw money to spend, which will take away a considerable amount of funds from the crypto market. Of course, the amount withdrawn won't be too much, but many will anticipate this pullback situation, so even if they don't go shopping, they will sell at a high point. Combined, this increases the pullback effect.
In the last round, there was a 16% pullback in the week after Black Friday. This time, it might be a little less. I see 875 as a very good key support level. If it reaches there, it can be a direct entry point. Additionally, the level above 90,000 is also a good integer support level.
In the last cycle, after Black Friday, it slowly rose back up, consolidating for two weeks before continuing to explode. So it might be similar this time. And ETH's strength now is evident to everyone; with large funds entering, Bitcoin plummets while it consolidates. Once Bitcoin warms up, ETH will start to gain momentum.
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