Is it possible that Bitcoin’s price of $74,000 is the peak of this cycle?
Will Bitcoin go to 40,000 next time? Will the bull market come again? Today, we will combine multiple data to help you analyze and see what is going on with the market.
Major updates are coming. What are the latest news about AVAX, Sun, Fet and Pepe? What is the secret of the recently popular DappOS? Let’s follow Shuqin to find out.
With the current market conditions, I believe many investors are confused and have no idea what to do next. So today, Shuqin will sort out for you my opinion on the trend of Bitcoin. Please see the picture.
Judging from the general trend of the K-line, Bitcoin is now in a very standard cup-handle shape, whether it is the arc-shaped cup bottom in the middle or the downward cup handle on the right, it couldn't be more standard. This pattern is actually a very common reversal pattern, and the success rate is extremely high. Once the market breaks through the cup handle, it will often usher in a doubling of the cup structure, which is about 120,000 to 130,000.
In fact, if you look closely at the current trend of changes in Bitcoin inventory on exchanges, it is still in a very healthy net outflow state.
Large investors continue to buy coins and transfer them to their own cold wallets, making Bitcoin in exchanges increasingly scarce.
Now we just have to wait for a sudden positive event to break this balance, and I have already guessed it, which is the FTX US$14 billion repayment in October.
This will inject a large amount of cash into the cryptocurrency world, which is also in line with the consensus that the cryptocurrency world will skyrocket in October. Therefore, the media are now holding back on promoting it in September, waiting for a big collective wave next month. Therefore, the next 4 weeks are the most important time to build a position in your life.
Some of my friends keep asking me to start my own business. I tell you, October will definitely be a bull market, so why not start my own business? We are going to reach the sky together, do you know?
As for the short term, we will look at this Friday’s non-farm payrolls data, which we analyzed in the last issue.
Judging from the K-line, Bitcoin is currently temporarily supporting 55,000, which is a small support and the 0.618 golden ratio, so you can add some spot.
But for contracts with higher risks, I think it is not stable to go long here. The chances of going long at 50,000 are still very high because the support of the double bottom is still very strong.
Even if the market does not reverse, the probability of a double bottom rebound is definitely very high. It is like picking up money for free, because we can stop loss if it falls slightly below the previous low, and the profit and loss ratio is extremely cost-effective.
Now that we have finished talking about the overall market, let’s take a look at the situation of several small coins.
The first is that Avalanche is about to undergo its biggest upgrade since its launch on the main network, code-named 9000.
This upgrade is indeed huge. He wants to be the king of all chains and call on developers to issue multiple Layer 1 public chains with AVAX as the core to achieve capacity expansion and higher usage. It is somewhat similar to the second-layer network of Ethereum, except that his expansion network is all on the first layer and shares liquidity.
It is currently in the promotion and marketing stage, and the official launch will be at the Avalanche conference on October 16, so everyone can pay attention to the AVAX coin. There should be a significant market trend starting in October.
In addition, the project owner of Fet, the leader in the AI sector that everyone is paying attention to, transferred more than 10 million coins to a new address. The mainstream market currently speculates that this is the address of the market maker DWF.
Are they reaching a cooperation with DWF or asking them to help sell tokens? This is definitely a world of difference.
Although Shuqin is a bull, I think the project owner actually wants to cash out this time. They may say they are announcing cooperation with DWF, but actually sell the coins. No matter what, I must stop all profits before the Apple conference on the 10th, and I will also short at a low multiple.
Because the market is really a bit reversed now. There won’t be much increase when there is good news, but there will definitely be a sharp drop when there is bad news. So don’t worry if you don’t make money by going long on Fet and People. Just go short on the 10th.
In addition, Justin Sun’s Sun Coin started to be repurchased today. At the end of August, Justin Sun stated that he would use 100% of the revenue from Sun to repurchase tokens and destroy them, and today he officially announced the start of the repurchase.
Unfortunately, the market has already priced in this positive news, and the current coin price has not fluctuated much. The income of the Sun project is still quite high, equivalent to 50 million US dollars per year, but the premise is that the transaction volume can maintain the current trend.
But I personally still won’t buy it, because Sun Yuchen is indeed a bit of a scam, and everyone knows who he earned tens of billions from. Unless Sun can cut the previous high and reach 0.023, then Shuqin may consider buying a little.
The main thing I am increasing my holdings of is Pepe, because WIF, Floki and People, these meme coins, have all become popular in the past few weeks, leaving Pepe alone. This coin is also very strange, it will soar 5 to 10 times when it becomes popular, and then it will fall back sharply and take a long time to clean up, and then it will soar several times again, far exceeding the overall market.
Therefore, I think this coin is worth ambush for the long term. When the market recovers, you can just watch its performance. It will not disappoint you.
In addition, there are many other potential coins and short-term real-time operations, which you can come and take a look at.
In fact, your current situation is completely determined by your past choices, and what kind of life you will live in the future depends on every choice you make now. So don't leave yourself with regrets.
Okay, let’s continue.
I don’t know if you have paid attention to the recently popular DappOS project. It is not an exaggeration to say that it is the new king project. It has received investment from major venture capitals including Binance, Sequoia and IDG, and is unparalleled in the limelight.
So what exactly is this project about, and why are so many big institutions getting involved?
DappOS is an intention execution network. Simply put, it is a system with purpose as the result. It realizes the chain abstraction of Dapp, which means you can do whatever you want without having to worry about various cross-chain and complex transactions. It will automatically handle everything behind the scenes, allowing ordinary people to easily get started with Web3.
In addition, it can also encapsulate the assets you hold and allow you to use them for Defi while earning income. This is somewhat similar to the concept of liquidity staking. It not only lowers the threshold for using blockchain but also increases income. It is a very useful infrastructure.
Now it has launched an airdrop event with Binance, which can be completed in a few minutes. Those who are interested can go and have a look.
Finally, don’t forget to like and follow, so you won’t miss Benqin’s updates~
