Crypto markets were trading lower on Wednesday afternoon as the expected post-halving pullback arrived, with Bitcoin experiencing a rapid sell-off that briefly dropped below $64,000.
According to Bitpush data, after rising to the $66,500 support level in early trading on Wednesday, Bitcoin bearish sentiment intensified and fell to a low of $63,560 in the afternoon, a 5.25% intraday fluctuation from the high of $67,080. As of press time, BTC rebounded above $64,000, down 3.5% in 24 hours.
Altcoins fell across the board. Most of the top 200 altcoins by market cap posted negative returns on Wednesday, with meme coin Bonk (BONK) outperforming the pack with a 12.6% gain, Algorand up 11.2%, and dogwifhat (WIF) up 6.8%. Gnosis (GNO) fell the most, down 13%, followed by Bittensor (TAO) down 10.5%, and SATS (1000SATS) down 9.6%.
The overall cryptocurrency market cap is currently $2.36 trillion, and Bitcoin’s dominance rate is 53.1%.
Bitcoin needs to remain at at least $60,000
Market analyst Bloodgood said in the latest update: “Bears have forced Bitcoin to a new low, pushing it below $60,000 in a few hours. Lower lows on longer time frames do not bring good news to bulls; however, we are seeing a hammer-like candle formation, which usually leads to bullish continuation.”
The analyst said: "Given that the halving takes place on the weekend, I expect the trend to reverse soon. If you look at the price action of previous halving events, you will find that the price always retraces 10-15% before or shortly after the halving event. After the pullback, we saw a few months of gains."
Nonetheless, Bloodgood noted that “the daily timeframe is bearish. A series of lower lows and lower highs and declining volume means that further declines are possible in the short term unless something major happens. The level we must monitor is $60,000 because this is the level that must hold if we want to see gains.”
While this cycle has proven to be different than previous halving cycles, Bloodgood said he still expects a parabolic move to occur at some point within the next 18 months.
He concluded: “Crypto cycles have always been centered around halvings, and while things may change at some point in the future, there is still no reason to abandon a model that has proven so reliable from the beginning. This cycle is certainly a bit unusual (as ATHs don’t usually occur before halvings), but the default assumption should still be that the cycle is far from over.”
If you haven't made any layout yet, you can make some at the current price. If you have already made a layout, wait for the market to hit the bottom after it hits the highs, and then buy at the bottom. In short, look for opportunities to buy, buy in batches, buy when the market falls back, and then hold the long position until the bull market ends!
1. AI sector: GPT5 is expected to be released in the summer of this year. Focus on the following stocks: WLD, RNDR, FET, LPT, ARKM, NFP, JASMY;
2. MEME must-have in 2024, focus on: DOGE, PE PE, FLOKI, WIF, SATS, AIDOGE, MEME (to get rich quickly, you must endure huge losses)
3. BTC Ecosystem: This Hong Kong Carnival focuses on the sector. According to the current financing situation, the inscription sector has great potential in the second half of the year. Focus on the following targets: STX, ORDI, SATS, RAT S, PIIN (the number of transactions on the chain today ranks first, and the increase list ranks first!);
4. Solana Ecosystem: Solana’s annual conference is scheduled to be held in September this year. Focus on the following: SOL, JTO, JUP, PYT H, BOME, BONK;
5. New public chains: Focus on: TIA, APT, SUI, SEI are the leaders among the new public chains;
6. RWA sector: emerging hot spots, Wall Street institutions layout, focus on targets: ONDO, TRU, POLYX;
7. Game sector: Focus on targets: IMX, YGG, GAL A, XAI, PIEXL, ACE.
8. As a rare innovation in the stablecoin track, ENA continues to show strong consensus amid controversy. It is really amazing that the new coin can enter the top five in terms of transaction volume!
When we come to the financial market, we must be clear that the first step is to "not lose money". Only when we do not lose money can we talk about making money. The key to getting big gains is to "know what not to do".
I have summarized a few things that you should not do, I hope it will be helpful to you.
1. Do not use leverage or contracts. Once we come into contact with contracts, it is like gambling. We become addicted and lose the mood to do anything. We are affected by the ups and downs of the market every day. We cannot sleep and our mentality changes drastically. Even if we judge the trend correctly and the market is still there, the balance in the account is getting smaller and smaller.
2. Primary private placement. With the advent of the bull market, all the demons and monsters have come out, promising to be listed on the exchange in the future, with a thousand-fold or ten-thousand-fold profit. However, we must be clear that truly valuable projects will not be financed by retail investors. All the big capitals are scrambling for it, so what qualifications do retail investors have?
3. Options scam. There is a scam that is rampant now. The scammers say that they are awesome and have made a lot of money, and then they say they will take you and ask you to transfer U to the exchange they provide, and they will let you make money. You can withdraw small amounts of money, but people are greedy, so you will increase your chips. Once you put in more money, they will not let you withdraw it, and they will have various reasons to ask you to top up money to unfreeze it.
4. Buy when the market goes up and sell when the market goes down. If you don’t understand the technology and the market, it is difficult to make money in this market. If the market goes down, you don’t know when to buy and you are afraid, or even sell at a loss. If the market goes up, you start to buy without thinking because of your high emotions.
If you cannot identify the bottom and enter the market, you will not make a lot of money. Maybe you can make some money by buying in when the price goes up, but you will end up losing money because you don’t know when to sell and you will be afraid to cut your losses when the price goes down.
5. Stay away from negative emotions. Complaining will only make people fall into a vortex of negative emotions, making them accustomed to looking for problems in others and ignoring the efforts they should make.
You will find that people who invest based on news always complain that what others say is wrong and causes them to lose money, but they never think that if they mastered the technology, they would not listen to the opinions of these so-called "big guys".
Whether in real life or in the financial market, complaining does not solve problems. Instead, it wears down our fighting spirit, consumes our energy, and makes us become discouraged.$BTC #币圈风暴 #Meme币你看好哪一个？ $ETH
