BTC reached $88,000 today, briefly reaching $89,500, and the $90,000 mark is now within reach.
As of now, the 24-hour liquidation amount is close to 7 small targets, still mainly short positions. BTC and ETH are challenging the limits of the bears again and again. Just this morning at 7:14, the big brother (BTC) reached a new high of $89,475, while the second brother (ETH) is temporarily adjusting around $3,300 due to some trapped positions or profit-taking.
Ten days ago, many people would have thought that BTC could rise to $70,000 in the short term, or even touch the previous high of $73,000. When BTC broke through $75,000, I thought it was likely to squeeze the shorts and touch $80,000. But no one could have imagined that BTC would surge from $68,000 to $90,000 in just one week. Welcome to join the discussion group → VX: LS688677
From a technical perspective, BTC has seen two consecutive days of high volume on the daily chart, making it difficult for it to drop directly. At most, it will consolidate and fluctuate, but no matter how it fluctuates, it will be difficult for the bears to make significant profits. According to the habits of the whales, as long as the squeeze continues, and the top appears during the day, the top is most likely a false one, and there will be a second breakthrough.
I suggest that no matter what, you should not short heavily recently. I personally will consider selling the spot, even though I know it may still rise, but the short-term low-buy-high-sell profit must be secured, and the long-term position will continue to be observed.
The long-awaited main uptrend has finally arrived!
The 8-month consolidation and shakeout has finally come to an end. Although the process was painful, I am still grateful that I always believed this channel was a continuation of the bull market, a bullish flag, rather than a distribution top. Like waiting for the dawn in the darkness, the dawn will come, and it has come much faster than expected!
What's next?
Since I believe it is a bullish flag, I can simply measure the bullish flag target, which is able to reach $100,000.
When it reaches around that level, it may start to consolidate and form a new range. Traders who like to trade the waves can re-enter when there is a relatively clear range. But trying to short the top now is pure gambling. If you really want to try, wait for the breakout of this rapid uptrend line, at least the win rate will be higher.
Holding the spot and enjoying this magnificent trend, the inflow of ETFs and the issuance of on-chain USDT all tell us that this is not a fake pump, but real money flowing in. And this is definitely not their distribution range, so if you're not on the bus, you can look for similar coins that are still lagging behind, the market will make up for the gaps!
Let me clarify, you don't need to worry that BTC will suddenly plummet to the ground and then the Altcoins will collapse like the on-chain meme coins. That won't happen.
You can refer to the previous double top, which was a distribution process at the daily level.
Altcoins tend to surge in these two stages:
1. The continuation of BTC's uptrend.
2. The distribution process of BTC's push to the top.
The current market sentiment is somewhat contradictory, BTC holders and meme coins are continuing to surge, and the sentiment is good, but the Altcoin gains are not satisfactory. Many are worried that when BTC corrects, Altcoins will follow. With BTC at this level, a correction can happen anytime, and it's impossible to predict how Altcoins will perform.
I'm more inclined to think that if BTC can stabilize between $70,000-$80,000, the Altcoin bull market will come. But now it's close to $90,000, so it's hard to say. One trend in this cycle is that a lot of money has flowed into the meme coin sector, and it's not time for widespread liquidity injection yet. Ultimately, a broad-based rally requires sufficient off-chain liquidity, and now the off-chain liquidity only recognizes BTC, and the on-chain liquidity only recognizes SOL and meme coins.
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