In this round, Bitcoin hit a new high and completed most of the tasks of the bull market, while Altcoin not only failed to complete the task, but even failed to receive the task.
From overall view:
Paragraph 1: Bitcoin has been rising for 6 months since December 2022, and then adjusted for 2 months. During this period, most Altcoin did not rise, but fell instead.
Second paragraph: Bitcoin has experienced a historic 7-day winning streak. Although there have been some Altcoin rising during this period, Altcoin have been adjusting for 5 months since April, performing very poorly with almost no hot spots. Looking at the monthly chart of Bitcoin is really scary.
From the perspective of Bitcoin, it is normal to see a few months of adjustment after this round of seven consecutive positive days, but the performance of Altcoin is very poor.
Bitcoin did not fall sharply. Usually, a sharp drop in Bitcoin will lead to a sharp drop in Altcoin, and a small fluctuation in Bitcoin will usually lead to a rotation of hot spots in some Altcoin. But this time, there was no such phenomenon. In the past, when Bitcoin fluctuated slightly, there would be some activities in Altcoin, but this time there was no such activity at all.
Although there is a lack of funds in the market, there are still many projects that can support a hot market. In addition, the decline of Bitcoin this time is not large, and people who hold Bitcoin have not felt the atmosphere of a bear market, but retail investors holding Altcoin have indeed been in a bear market.
It should be emphasized that the trends of Bitcoin and Altcoin are two different situations. The general trend of Bitcoin has remained unchanged. Although the monthly chart looks scary, it cannot be judged only by the K-line chart.
I personally think that this round of Bitcoin should continue to develop to new highs, and I don’t know how long the monthly line will remain sideways. The last wave may start in September or October.
Summarize
Market sentiment is very pessimistic right now, but that’s actually a good thing!
During this round of Altcoin pullback, we have witnessed the most severe pessimism. This makes me more convinced that the bullish view from Bitcoin 52 is still valid and will continue to be bullish on Bitcoin in the future! The bull market is not over!
I have been emphasizing Ethereum’s dominance and even if you mainly hold Ethereum, you will not suffer too much loss!
Regarding Altcoin, although many people are pessimistic about them and believe that the bull market is over, I mentioned before that the performance of Altcoin will no longer be defined by the traditional bull-bear cycle. We are now only focusing on the staged market, and the length of the time cycle is only part of it. This view has become increasingly clear!
In the current Bitcoin bull market cycle, there will still be 5x and 10x potential coins among the Altcoin. Although we have seen a lot in the first half, the severity of this wave of decline means that the future staged rise will be very fierce!
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
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