Due to the significant increase in the previous round, it should have experienced a large-scale adjustment in January and February this year, but the actual adjustment did not begin until March.
This round of correction is expected to be an unprecedented large-scale correction.
Therefore, after the previous round of gains, whenever Bitcoin has a significant decline, I will choose to buy the bottom in batches, and this time is no exception, because opportunities often come from falls.
The market is currently deleveraging, and a large number of long contracts have accumulated, which will inevitably require a large-scale liquidation.
August 5th became the day with the largest liquidation volume in the history of the currency circle. Given that this was the largest liquidation in history, I think it is unlikely that the market will fall below 49,000 again in the short term.
Therefore, 49,000 can be considered the market bottom. The recent second bottom should not be lower than 49,000, while around 51,000 is the ultimate support position.
This provides a reference for my bottom buying and shipping timing.
In addition, the current market position is close to the high point of the last bull market, and there are still a lot of trapped chips that need to be digested.
As a result, markets may experience rebounds, corrections and shocks, and such corrections may last for an extended period of time.
Don’t be surprised if the market continues to be volatile in September and October. This kind of shock is actually a good thing. The longer the accumulation time, the stronger the subsequent explosion, and the income of altcoins may also be more impressive.
In addition to Bitcoin, I also pay attention to some specific altcoins, such as $ORDI, which is directly linked to Bitcoin, rather than public chains, chain games, memes or L2.
The reason is that I am optimistic about the inscriptions in the Bitcoin ecosystem. Inscription is the core narrative of the current market, even more central than AI.
Moreover, the inscription track has been fully adjusted, giving more security and confidence. The performance of Ethereum’s overall ecosystem is also well known.
As for the next bull market, I think it may start in the Bitcoin ecosystem or the Ethereum ecosystem, which deserves continued attention.
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