“The quality of your decisions depends on the information you have and your ability to process it.
——Redd Leo, founder of Bridgewater Associates (Principles)”
    
Bitcoin is under increasing pressure and is being squeezed. When the price hovers at the psychological resistance level of $100,000, the market is extremely greedy. This kind of emotion usually indicates that an adjustment is about to occur!
        
At the time of writing this article, the price of Bitcoin has fallen to $97,060, and there is a high probability that it will fall below 97,000 yuan. However, in a bull market, a 5%-15% price drop can be regarded as a normal and healthy correction!

“The quality of your decision depends on the information you have and your ability to process it. -- Reda Leo, founder of Bridgewater Associates (Principle)”
        
Bitcoin fell nearly 4% after hitting an all-time high of more than $93,000. The move raised questions among investors about whether the drop was a temporary blip or a harbinger of a larger downtrend.
Early this morning, Federal Reserve Chairman Powell said in his speech that "due to the increase in the published CPI (Consumer Price Index) and PPI (Producer Price Index), it is revealed that there is no rush to cut interest rates." The price of Bitcoin fell to $86,672. At the time of writing, the price of Bitcoin has risen back to $90,230.

“In the face of uncertainty, inner determination is the best guide.
——Redd Leo, founder of Bridgewater Associates (Principles)”

 
More and more analysts predict that Bitcoin will reach $100,000 by the end of the year. Did you think about whether Bitcoin would reach $90,000 a week ago, and finally this expectation came true? So, is the next goal $100,000?
Although many altcoins are facing declines, Bitcoin's decline is relatively small. This may be due to the fact that Bitcoin's market dominance remains at around 60%, leaving little room for altcoins. This phase of decline actually resets a large amount of funds on exchanges, which is a positive sign in the long run.

“In the face of uncertainty, inner determination is the best guide. -- Reda Leo, founder of Bridgewater Associates (Principles)”
              
The price of Bitcoin has surpassed $90,000, up 12.6% in the past 24 hours. When Bitcoin enters uncharted territory, the process of callback may be long and complicated. Before long, the market will become a "game battlefield" of liquidation and speculation.

After Trump won the 2024 US presidential election, the market predicted that Bitcoin would reach $100,000 by the end of the year. Currently, Bitcoin is only 13.6% away from the $100,000 target. The derivatives market saw more than $487 million in forced liquidations within 24 hours, mainly liquidating some over-leveraged shorts.

"The quality of decisions depends on the information you have and your ability to process that information. — Ray Dalio, Founder of Bridgewater Associates --(Principles)"

               
As predicted in previous articles, the Federal Reserve announced a 25 basis point rate cut at midnight. The benchmark interest rate was lowered to 4.5% to 4.75%, marking the second rate cut since September, which was unanimously agreed upon by all officials—the Federal Reserve believes it is currently necessary to stimulate the economy through rate cuts, despite improvements in the job market, which remains low.

At the same time, it pointed out that inflation is gradually approaching the annual target of 2%, but still below the ideal level. The Federal Reserve stated it would be committed to achieving full employment and a long-term 2% inflation goal to ensure a smooth economic transition.

“The quality of your decision depends on the information you have and your ability to process it. -- Reda Leo, founder of Bridgewater Associates (Principle)”
   
U.S. Senate officials have publicly stated that they will establish a strategic reserve of Bitcoin. The plan is to accumulate 200,000 Bitcoins per year over five years, with the goal of holding 1 million Bitcoins, about 5% of the total supply. This measure will not be implemented until after Trump takes office, which means that governments may take action in advance, a dynamic that is eye-catching. The government's plan to adopt Bitcoin is about to take shape.

"In the face of uncertainty, inner strength is the best guide."
——Ray Dalio, Founder of Bridgewater Associates--(Principles)

Trump wins the 2024 U.S. election!
Bitcoin has broken through its historical high of $73,750, reaching $75,410, setting a new historical high! This surge is mainly influenced by Trump's victory in the U.S. presidential election, bringing a strong bullish trend to the market. If Bitcoin continues to rise, the next target may be $80,000.

"In the face of uncertainty, inner firmness is the best guide. — Ray Dalio, Founder of Bridgewater Associates — (Principles)"

During the period leading up to the U.S. general election—October 29 to November 3, Bitcoin prices fluctuated by 8%, and the current Bitcoin price is stable at $68,800. We remain vigilant regarding the voting process and changes in information, anticipating that the election will trigger market turbulence.
The sentiment of the 'Trump trade' in Bitcoin has weakened, polls show a tight race, and institutional investors are beginning to take profits, leading to a price pullback. Global crypto investors are closely monitoring the election dynamics!

Facing uncertainty, inner strength is the best guide.
—— Ray Dalio, Founder of Bridgewater Associates (Principles)


We have experienced a week significantly influenced by fundamental factors that could suddenly change the trajectory of Bitcoin and the overall market — and indeed it has. The market mood shifted from near euphoria to moderate optimism, and the release of macroeconomic data and corporate earnings reports impacted the major indices, causing them to enter correction territory.

"In the face of uncertainty, inner strength is the best guide. - Ray Dalio, founder of Bridgewater Associates - (Principles)"

BlackRock's increasingly crazy buying!
BlackRock's Bitcoin spot ETF - IBIT saw a net inflow of $875 million (12,000 bitcoins) yesterday, surpassing the previous record of $849 million set on March 12. This marks the thirteenth consecutive day of inflows, with a total inflow of approximately $4.08 billion during this period.
    
MicroStrategy (MSTR) disclosed in its third-quarter financial report released early this morning that besides continuously increasing its Bitcoin holdings, it plans to invest $42 billion over the next three years to further purchase Bitcoin and enhance shareholder Bitcoin returns. Currently, MSTR holds 252,220 bitcoins, valued at $18.2 billion!

Change is inevitable, adapting to change is the key to success.
— Ray Dalio, Founder of Bridgewater Associates - (Principles)
  
After Bitcoin successfully broke the $70,000 barrier early yesterday morning, it surged again early this morning, just a few dollars shy of its historical peak (the highest price for Bitcoin last night was $73,624, while the ATH price for Bitcoin is $73,835).
The current Bitcoin price is $72,203, and it needs to consolidate at this level before making another push towards the resistance price ATH, leaving that price far behind!

“Change is inevitable and adapting to change is the key to success.
——Reda Leo, founder of Bridgewater Associates--(Principles)”

If you read our airdrop article before August (Early Experience----Project Grass Airdrop Confirmed (Unlock Passive Income)!), and participated in the construction of the airdrop project Grass (bandwidth sales), you now have the opportunity to receive token rewards from the Grass project.
At present, Grass tokens are worth a lot of money, with a single price of $0.87 (the historical high price is $0.91). The current token price is in a relatively ideal selling profit range.

“Change is inevitable and adapting to change is the key to success.
——Redd Leo, founder of Bridgewater Associates (Principles)”

          
As I have stated in all of my posts last week and this week, I have great expectations for Bitcoin’s prospects and its current performance is indeed consistent with those expectations.
For example:
(Bitcoin's strength, hitting $70,000!)
(The US election is imminent, and political risks are increasing: Bitcoin is resisting the impact and ushering in a breakthrough moment?")
(BlackRock Bitcoin spot ETF continues to increase holdings, the next round of surge is coming?)

“Depending on your confidence level, decide the size of your bet.
——Redd Leo, founder of Bridgewater Associates (Principles)”

FUD Events
Last Friday, the crypto market experienced two notable episodes of FUD (Uncertainty and Doubt): one stemming from internal issues within the cryptocurrency ecosystem, and the other stemming from a sudden rise in geopolitical risks. Therefore, in the current market environment, it is crucial for every investor to remain vigilant, because possible FUD incidents in the future are often unexpected and may lead to unforeseen market fluctuations.

“Decide the size of your bet based on your level of confidence.”
——Ray Dalio, Founder of Bridgewater Associates (Principles)

In the previous article, it was mentioned that after Bitcoin was rejected around $69,500, the price would hover in the range of $65,000 to $70,000. In the early morning, the price of Bitcoin fell back to $65,200 and found support around this price.
As stated in yesterday's analysis, Bitcoin is likely to remain within an upward channel. Currently, the price of Bitcoin has risen to $66,700.

If the price falls and retests this level, $65,000 will once again provide further support. The pullback in Bitcoin gives us an opportunity to enter altcoins at lower prices. I expect altcoins to rebound in the coming weeks.

When the truth conflicts with desires, most people resist the truth.
--Ray Dalio, Founder of Bridgewater Associates--(Principles)

There are still 13 days until the US election!
The cryptocurrency industry's influence on US politics is growing, and as the final phase of the election cycle approaches, political donations from the US cryptocurrency industry have exceeded $190 million, setting a new record.
There has been a significant increase in spending compared to previous elections, nearly 13 times the $15 million spent in 2020.

Currently, the US Dollar Index (DXY) is performing strongly, continuing to rise. If the dollar appreciates, the value of risk assets typically declines, and vice versa.

“Most people resist the truth when it doesn’t match their wishes.
——Redd Leo, founder of Bridgewater Associates (Principles)”

With less than three weeks to go before the US election, Polymarket's odds for Trump's victory have risen sharply, leading Harris by 20%. This lead is mainly due to his decisive advantage in the key swing states with the most electoral votes.
        
        
Due to rising inflation expectations and concerns about increased US fiscal spending, the market predicts that the US 10-year Treasury bond rate may rise to 5% this year. The Federal Reserve's recent interest rate cuts and strong economic data have raised questions about the sustainability of interest rate cuts, increasing market attention to the direction of bonds. The expansion of government deficits and the Federal Reserve's tightening policy have weakened the demand for Treasury bonds and pushed up inflation expectations, resulting in a possible steeper long-term Treasury bond interest rate curve.