In trading and investing, what matters is not how much money you make, but how much money you won't lose.
On Saturday, October 12th, the total market capitalization of cryptocurrencies surged by 2% in the European early trading session, reaching around $2.28 trillion. On Friday, New York midday, the price of Bitcoin (BTC) soared to around $63,361, the high end of the range, after which the Altcoin industry experienced a subconscious reaction.
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The significant rebound in cryptocurrencies over the past 24 hours has not led to large-scale liquidations. Additionally, with Bitcoin's price falling below $59,000 for the first time in three weeks, volatility is expected to increase over the weekend.
The main forces behind the current cryptocurrency surge
After consecutive days of losses, the U.S. spot Bitcoin ETF saw a net cash inflow of over $348 million on Friday. The highest cash inflow on Friday was for iShares' IBIT, at around $140.7 million, followed by Fidelity's FBTC, at around $117 million.
Meanwhile, Spot Ether ETF issuers recorded a net cash inflow of around $2 million on Friday. As a result, the net Bitcoin supply on cryptocurrency exchanges has decreased by about 10,000 coins in the past week, while the Ether supply has decreased by about 24,600 coins in the past 24 hours.
After the recent rebound, Bitcoin's price has reclaimed key support levels. From a technical perspective, Bitcoin's price has formed a fractal pattern similar to the bullish breakout in the second half of last year.
A sustained break above $66,000 will trigger the return of FOMO traders, helping to drive Bitcoin's price to new all-time highs.
This scenario will impact the entire Altcoin industry, leading to a significant cryptocurrency rally in the coming months.
The bullish sentiment in October is gradually recovering, and Bitcoin's price is expected to continue its upward trend in the near future.
- The 2024 U.S. presidential election, which is about three weeks away, has historically triggered a bullish sentiment.
- Gold and major stock indices have recently been leading the bullish breakouts.
Interest rate cuts and market expectations
The recent trend of interest rate cuts is a major factor influencing market sentiment. While liquidity may take several months or even over a year to permeate the broader market, the crypto investment space typically anticipates these changes. This forward-looking nature means prices can start rising based on expectations rather than immediate changes in monetary policy.
Considering these factors, the market is expected to perform well in 2025. Investors who adopt a long-term investment strategy and consider broader macroeconomic trends rather than just focusing on short-term fluctuations are more likely to achieve substantial returns.
Adopting a "big picture" investment strategy that aligns with the overall cycle trajectory may yield more substantial returns than short-term strategies. Historical indicators suggest that the current bull market cycle is poised to reach another level, and the current market conditions may present significant opportunities for long-term investors.
The current market trend of Bitcoin clearly indicates that the bull market cycle is still unfolding.
Additionally, last night, the U.S. September Producer Price Index (PPI) data was released, with the year-over-year growth rate falling to 1.8%. Although still higher than the expected 1.6%, the downward trend has led the market to anticipate a continued decline in the Consumer Price Index (CPI), increasing the likelihood of further interest rate cuts by the Federal Reserve.
As the Federal Reserve takes a step back and forth but irreversibly embarks on a path of interest rate cuts, and the bloodsucking trend in the A-shares market comes to an end, the time for a crypto bull market to be unleashed is getting closer.
Wealth or MEME?
PEOPLE
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Top exchange token, its market performance is closely linked to the upcoming U.S. election and has shown remarkably relative strength during the election debates.
WIF
The MEME coin dogwifhat (WIF) based on competitor Solana was another strong performer on Friday. WIF rose around 13% to around $2.76, testing a key resistance level. In fact, WIF appears to have formed a bullish ascending triangle pattern, suggesting a high likelihood of a breakout in the near term.
WIF could potentially surge by nearly 2 times. As the leading Solana MEME coin, WIF's long-term prospects are strong, making it a candidate for one of the most worthwhile cryptocurrencies to buy currently.
However, MEME coin investors seeking greater upside potential need to enter newer, smaller MEME coins before they start gaining popularity.
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