July 22, 2024 Grandpa checks in
The biggest news today is that Biden announced his withdrawal from the election. Although he announced his nomination and full support for the vice presidential election, it is basically considered that the situation is over and Trump's chances of success have increased. At present, as long as there is no black swan, the next president will be Trump. There are market rumors that Trump intends to let the CEO of BlackRock serve as the Secretary of the Treasury. If this is true, it means that he will strongly support the development of cryptocurrency during his term. Whether Trump will appear at the upcoming Bitcoin Global Conference is also a very important signal.
I don’t know if it’s because he is optimistic about the cryptocurrency market in the next few years, but Musk changed his head to a laser eye avatar again after three years, which led to a 50-fold surge in a certain meme coin. The audience interpreted Musk’s behavior as a high-profile response to celebrate the Biden team’s withdrawal from the election, and the relationship between Musk and Trump has become closer, indicating that both the political and business circles in the United States are conducive to the development of cryptocurrency in the future. According to the market cycle in the circle, next year will be the node of a big bull market, so if it is supplemented by policies with abundant liquidity, I think there is no doubt about this bull market.
In terms of market conditions, the highest point of Bitcoin has exceeded 68,000, and the low point of the callback has rebounded by 15,000 US dollars. The breakthrough of the pressure of 65,000 means the destruction of the unilateral downward trend, which is a positive signal. However, on the other hand, under the blessing of various favorable news at home and abroad, Bitcoin's rebound process has also been constantly stepping back. At the same time, when Bitcoin is about to reach a new high, the cottage is still a long way from the high point, which can be said to be lagging behind. Behind this phenomenon is the performance of insufficient funds in the circle.
Therefore, I think we need to be cautious about the upcoming "altcoin season" that the market is looking forward to. During this round of retracement, my main target for bottom-fishing was Ethereum. Although its performance was not the best, it definitely outperformed most altcoins. Therefore, I think for altcoins, you should be willing to take profits. In addition to Meme, there are also SOL series such as JUP and JTO, which are actually high FDV and low circulation coins in my opinion. Short-term pull does not mean they are suitable for long-term holding.
Thank you for your attention and likes.
