Coin World reported:
After the market flash crash in April due to the impact of the war situation, the market has once again entered a “period of darkest moment” – Bitcoin once fell to $5,296, a 24-hour drop of nearly 10%; Ethereum once fell to $2,806, a 24-hour drop of over 10%.
Such a significant drop is influenced by news such as the Mt.Gox billions of dollars in debt repayment, continuous transfers of Bitcoin addresses by the German government, as well as Bitcoin prices repeatedly breaking through the shutdown price of mining companies, continuous net outflows of Bitcoin spot ETFs, and the gradual liquidation of some Bitcoin and Ethereum whales.
Bitcoin is experiencing a steep decline, what should you do?
As the market continues to decline, the well-known research institution 10x Research once again stated in an article that the market performance once again proves that 10x Research is the only major research company that predicts price crashes (of course, this is 10x’s usual self-promotion) – when the Bitcoin price triggered $67,300, we made a downward estimate.
Even after the “Trump effect” occurred over the weekend, we warned that this rebound is not sustainable and reiterated our estimated target prices for Bitcoin of $55,000 and $50,000 – the current spot trading price of Bitcoin is $54,000, which has already dropped 20% compared to when we issued the warning signal.
It is worth noting that now is not the time to rush to buy at the bottom, but rather to sit back and let the bears continue to perform.
At the same time, it is believed that many people have already prepared for this sell-off, and although we prefer bull markets, sometimes locking in profits at high levels is the right strategy.
There are always opportunities to make money in the cryptocurrency market, and our investment method has once again proven that price trends can be predicted, whether they are rising or falling. Our research has always been at the forefront of this decline.
In summary:
Therefore, for market participants including retail investors and institutions, the best choice now may be to shift from “long-term thinking” to “short-term thinking” and focus more on trend trading within 6 hours, or even within 4 hours or 2 hours, rather than obsessing over the unanswered question of whether Bitcoin and the market as a whole are in a bull market.