Bitcoin surged to around $59,000 in the early morning of yesterday (11th), then quickly rebounded and continued to rise, directly rebounding 5 points. In the early hours of today, the price of Bitcoin, after climbing to a high of $63,417, began to fluctuate in a range. At the time of writing, the price is $62,754, up 3.22% in the last 24 hours. More information Crypto Dumplings
The daily green candle line has rebounded and directly touched the pressure above 63,000. This kind of market situation will generally adjust for a day today, and it is possible to form a large doji to adjust, allowing retail investors to guess the direction. If it is strong, it will start to charge again in the evening or at night. The main operation today is to wait for a callback point and then go long.
In terms of operation, whether to choose to buy again below 60,000 points in the early stage or wait for a lower point is correct. If you want to do a wave, the next wave exit point will be around 64,000 points. The long-term holding view is to continue to patiently wait for the opportunity of the low point, or wait for the establishment of the reversal signal. The positions are not in conflict, the intervention of the lowest point interval, and the tracking after the breakthrough reversal, are both a very conservative form of long-term strategy. The data shows that the net outflow of Bitcoin spot ETF was $120 million yesterday, and the net inflow of Ethereum spot ETF was $3.06 million. The short-term reference impact of this data is not great.
Golden September, Silver October, can Bitcoin still stage an October offensive?
Data shows that in the past 11 years, the number of times Bitcoin has risen in October is 9, with a probability of up to 82%. For this reason, the crypto market often refers to October as "Uptober". However, after the two crashes at the beginning of October, the market's confidence in the October bull market is gradually weakening.
Nevertheless, I still believe that the probability of an October bull market is still high! The US stock market index has risen, and the S&P 500 has hit a new high. Although the crypto market has not shown the same optimistic sentiment, and has even tested the $60,000 mark four times recently, as long as the $60,000 key support level remains unbroken, I still have hope for the "Uptober" market. And from the perspective of Bitcoin contract funding rates, the market still shows a bullish sentiment. The overall economic factors affecting the performance of the crypto market are shifting from monetary policy to the results of the US election.
Capital inflows, the liquidity of stablecoins continued to grow to a record $169 billion at the end of September, up 31% year-to-date (YTD). The dominant ones are still Tether's USDT, whose market value has increased by $28 billion to nearly $120 billion, accounting for 71% of the market share, and Circle's USDC, whose market value has increased by $11 billion to $36 billion, up 44% YTD, accounting for 21% of the market share.
The record number of US dollar stablecoins and the surge in large Bitcoin transactions may lay the foundation for a broader BTC rally in the coming weeks, keeping the seasonal bullishness of the asset intact in October. The big A has been crazy recently, and the capital has flowed out of the crypto circle, but after being stepped on the brakes, it has not been as crazy as before. Last night, the Bitcoin ETF even had a net inflow of $250 million, indicating that capital is gradually returning to the crypto circle, and the market will surely rekindle the bullish trend and regain momentum!
How long can Altcoins play?
Looking at the subsequent market trend, the fifth wave started after Bitcoin's second bottom on September 6th. The third wave lasted for 6 months (2023.9.12-2024.3.13), and the fifth wave is just accompanied by the global easing cycle. The Fed is expected to stop balance sheet reduction after March next year, and more than 90% of the FTX compensation funds will arrive in the first and second quarters of next year.
So the duration of the fifth wave is estimated to be no less than 6 months, which means that the Bitcoin bull market is expected to peak in March next year or later. In the previous two bull markets, the Altcoin season peaked about a month later than Bitcoin, but in this bull market, the Altcoin season peaked basically the same as Bitcoin, so the Altcoin season in this bull market is also expected to peak in March or later.
We are experiencing a bull market with no historical precedent. Where the end of this bull market is, we don't know, and when the highlight moment of this bull market will start is also unknown. The logic of the 12-year bull market cycle has undoubtedly been broken, and the hell-like experience has become the real portrayal of everyone. For the future, this circle is still generally sunny. Look at the big A, it's just a moment when the wind comes, always full of expectation.
The Meme strength remains undiminished! Focus on deploying these top Meme coins
WIFSOL chain has produced many Meme coins with a market cap of over $100 million this year, especially bome, which quietly went up 3 times in 6 days, also making a small group of people rich.
Bonk is a bit earlier, it went up very early, relatively speaking, it is the old Meme on the SOL chain. If you choose from the perspective of not chasing new ones but old ones, then the Meme on the SOL chain, the first new one is bome, followed by wif, and finally bonk. But if you look at the market cap, WIF has over $2 billion, bonk has over $1 billion, and bome has over $400 million. I tend to be more conservative and prefer the larger market cap. From the number of address holders and the amount of profit-taking, bome has more early holders and profit-takers, while WIF did not have as large a holding and profit-taking base as bome and bonk in the previous round. Looking at the three comprehensively, WIF is a bit better. So this is the reason why I have been emphasizing that WIF should be the first choice in a big drop, and the reason for configuring WIF. PEOPLEPEOPLE, the unique US election/political theme "Meme coin" has been proudly listed on a top centralized exchange!
American bloodline, capital support, with the United States as the core, gathering the wisdom of the founders of the United States and the strong support of American capital, PEOPLE is ready to take off! Top exchange Token, its market performance is eye-catching and closely connected with the upcoming US election. PEOPLE has shown surprisingly strong relative strength during the election debate period.
