The recent trend of Bitcoin has been very eye-catching. In October, Bitcoin rose by 10%, but in yesterday's trading, the price once fell below $70,000. Currently, the cumulative amount of long liquidation on mainstream exchanges has reached $1.97 billion. These fluctuations are mainly influenced by the US election, but from the overall monthly line, it is still a bullish pattern. In the short term, the price of BTC is repairing in the fluctuation, has touched the bottom, and the possibility of further decline is not great. It is expected that the price will gradually rise out of the shock in the next few days. If Trump is elected on November 5, BTC may have another wave of rise.
Ethereum experienced the last decline last weekend, with the price once falling to $2,382, but rebounded quickly within 48 hours and stood above $2,500 again. ETH also successfully regained the 200-day moving average within 8 hours, and $2,500 is likely to be the lowest point before it hits a new high. If ETH can maintain above $2,500, it will continue to rise in the future. The current monthly line indicator shows the bottom of the bull market, so I am very optimistic about this price level.
However, the market's funds are currently almost all in Bitcoin, causing Ethereum and other mainstream coins and Altcoins to continue to fluctuate and decline. But this situation will change soon, and once the funds rotate, a lot of funds will turn to Ethereum, and then ETH may break through the historical high again.
Looking to the future
In general, November is usually a bullish month. Everyone should hold their chips firmly and not panic due to short-term fluctuations and retreats, and continue to wait for the outbreak of the bull market. Historically, the bull market cycle of cryptocurrencies has always been led by Bitcoin.
Although the price of Bitcoin is now hovering around the historical high, the market atmosphere still seems cold. This is because many retail investors have not yet entered the market, and the market's frenzy has not yet arrived. Looking back at the previous strong rise (from October 2023 to March 2024), many Altcoins rebounded 3-4 times, and the popular coins in the emerging field even rose 10 times.
In fact, new retail investors often rush into the market when it has risen to a certain height. The last month of each bull market is the most crazy moment for retail investors to enter the market.
Now, the rise of most Altcoins has only lasted for 4 weeks, and this is after experiencing 6 months of decline. Past experience shows that new retail investors will start paying attention to the market a few months after the market starts, but this time it may be faster, because the previous rise has already enhanced market confidence.
In summary
Once Bitcoin breaks a new high, the entire market will become a huge attractor, and the sustained upward spiral may last for months, and the wealth effect will also gradually spread to Altcoins. Therefore, everyone needs to be patient before that!
Finally, there are actually a lot of things that haven't been written in, such as specific opportunities and specific decisions, which are often not something that can be summarized in an article.
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