MAGIC has been dragging on for a long time, and hasn't recouped its costs yet.
币姥爷
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December 11, 2024 "The Structural Bull Market Still Exists"
From 3 AM to the morning, the market basically completed a second bottoming process, where BTC fell below 95,000 and ETH approached 3,500, neither reached a new low, but they are not far from the lowest point, which is a relatively standard second bottom. Since a second bottom has been formed, the upcoming market trend shouldn't be too bad, and it is expected to show a fluctuating upward trend. However, due to a large amount of forced liquidations, the recovery time may be longer.
Actually, what I am most concerned about next is the impact of the dual festivals. In the past, when encountering such major holidays, the impact of capital outflow has been significant, and the US stock market seems to have a feel of daily-level adjustments. Therefore, for the upcoming market, I think we need to consider both the fluctuations and the range of low and high points. It is expected to fluctuate for a few days. The chips collected from the second retest yesterday, I will assess the situation to decide whether to sell them off; specifically, we can observe any changes as Christmas approaches.
A pullback or a sharp drop in a bull market can be a good entry point, especially for major coins like Bitcoin, which has not shown structural damage, and the technical bull market still exists, so we don't need to worry too much. As for the significant drop in altcoins, that is also normal; after all, the more they rise, the harsher the fall. So a few days ago, I mentioned that I really don't believe I can make money on altcoins unless you followed me in accumulating them along with mainstream coins at the lows. The risk of chasing altcoins during a bull market is quite high.
In the short term, Bitcoin shows slight pressure around the 98,000 mark. In fact, we can see that it is not far from the 100,000 threshold, which should give us more confidence. I personally plan to do some bottom fishing and fluctuations in this range, then assess the situation to continue adding some long-term positions or converting profits into long-term positions. Of course, in the next few days, it is always possible to break through 100,000. Overall, I want to say that the bull market is still here, but it is likely to undergo some adjustments.
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