CoinWorld reports:
Bitcoin briefly spiked to $62,700 last night at 22:00 and has since rebounded, reaching a high of $64,698 around 7 AM today (25th), seemingly on the verge of challenging the $65,000 mark. However, the price has since retreated slightly, currently hovering around $64,000, with a 24-hour increase of 0.38%.
What is the market outlook?
To conclude, it is believed that there is still a risk of one final dip in this round (a decisive buy on the dip). From now until mid-next year, a slow bullish trend is anticipated.
Regarding the future direction of Bitcoin, the current rebound does not yet confirm the end of the long-term downtrend. Continuous observation is needed to see if Bitcoin can break through the relative high of $65,000 set on August 25. Bitcoin needs to surpass the August high of $65,000 to confirm the end of the long-term downtrend.
In terms of news, there have been relatively positive developments in the market over the past few days. The market has once again called for a 50 basis point rate cut in November, with the probability of such a cut now approaching 51.5%. Based on this month’s rate cut logic, if inflation data remains within a reasonable range and unemployment rises slightly, adhering to a high-intensity defensive rate cut principle may lead to the market exceeding expectations. If this occurs, liquidity in the market will likely inject early, and a bull market may arrive without further obstacles.
The current weekly resistance for Bitcoin is at $65,000. It made a sprint to around $64,700 yesterday before quickly retracing, indicating significant pressure at this level, which was the previous peak before the last crash. Currently, Bitcoin is still moving in tandem with U.S. stocks; since U.S. stocks showed little gain last night, Bitcoin naturally did not rise much either. Recently, the upward trend of the market has mostly occurred during the day, suggesting that more funds might be entering during the Asian trading hours. In the past, the market typically saw upward movement during the late night, when foreign funds were more active.
In terms of operations: Friends who previously bought spot in the range of $56,000 to $53,000, if trading short-term, I personally suggest not to hold positions for the short-term. Take profits and wait for new opportunities to enter. Selling here could still earn several thousand points per Bitcoin. If trading long-term, the cost-effectiveness of buying at this level remains very high, so don’t be swayed by short-term market movements; steadfastly hold is advisable. For those who bought Ethereum in the $2,200 to $2,300 range, you can continue holding, selling once it approaches $2,800, and ignore short-term fluctuations in the long-term hold.
Currently, market panic levels have finally normalized to a neutral state. As the market continues to rebound, besides Bitcoin and Ethereum, which sectors are performing well?
**Sui**
Sui has recently shown extremely strong performance. After dropping below $0.5 in early August, it quickly rebounded to around $1. After several weeks of fluctuation, it surged again from around $0.8, peaking close to $1.8, an increase of over 100%.
Since the beginning of this month, Sui has seen a flurry of positive news. Mysten Labs launched a gaming handheld for pre-order in early September, priced at $600 each, which sold out quickly, generating significant buzz. A week later, Grayscale Trust announced that it had opened up to qualified investors seeking to invest in SUI, creating a major funding channel. On the same day, Binance launched SUI coin perpetual contracts with a maximum leverage of 20 times, continuing the upward momentum of its price.
On September 17, Sui co-founder announced that USDC would soon expand to the Sui network. The following day, the Sui network’s TVL surpassed $1 billion, setting a new historical high. Its ecosystem projects also saw substantial gains, including SUIP, CETUS, NAVX, and even the meme coin BLUB rose during this period, with its market cap reaching $45 million.
**AI Sector**
Projects related to AI such as ARKM, AR, NEAR, LPT, and FET are rising and have promising prospects. FET, the native token of Fetch.ai, is gradually gaining momentum alongside Bitcoin’s rebound. With the market warming up, FET still has speculative potential, especially before the launch of the second phase of the three-coin integration plan, and investors should remain attentive.
**CZ Concept**
On September 17, He Yi published a lengthy article responding to the anxiety in the crypto community regarding rumors about new coin listings, indicating that the market was extremely sluggish. However, a week later, when the market began to warm up again, CZ’s release became a focal point in the crypto space. According to the U.S. Federal Bureau of Prisons, CZ will officially be released on September 29, and this news even briefly trended on social media.
Discussions regarding CZ’s actions post-release and Binance’s new projects have become hot topics in the community. Binance’s influence and its new projects are experiencing a wave of growth.
**Leading Projects in the Blockchain Gaming Sector:** YGG, GALA, IMX
As one of the important applications of blockchain technology, blockchain gaming projects like YGG, GALA, and IMX are gradually becoming leaders in the sector due to their unique gaming mechanisms and strong community support, showing significant future potential.
**Meme Coin Frenzy:**
BONK, WIF, PEPE, FLOKI, BOME & FOUR, Binancedog
These meme coins have attracted considerable attention due to their unique cultural backgrounds and social attributes. Although they are highly volatile, they also hold immense upside potential. For investors seeking excitement and short-term gains, they are worth considering. FOUR and Binancedog, in particular, have distinguished themselves in the meme coin market due to their unique creativity and strong community support.
**Outlook**
Currently, sectors like gaming and social platforms, which have been heavily scrutinized, are generally in a state of confusion, showing little sign of improvement, and new meme coins have not sparked significant speculative interest. A considerable amount of funds has been continuously flowing into the aforementioned sectors.
On a macro level, following this month’s rate cut by the Federal Reserve, the market generally anticipates further cuts in November and December, with an expected total reduction of 70 basis points by year-end. The dot plot indicates an additional 50 basis point cut this year. Continuous rate cuts by the Federal Reserve will inject liquidity into the crypto market, providing sustained positive support for its growth. Furthermore, after the U.S. presidential election results are announced in early November, some hesitant funds may also choose to enter the crypto market.
Historically, October has been an exceptionally bullish month for the crypto market. Market conditions often see significant improvements towards the end of the year and the beginning of the next year, while the summer tends to exhibit lackluster performance.
Since its launch, total net inflows into Bitcoin spot ETFs have reached $17.7 billion. Moreover, since September 9, there have only been two days of minor outflows, with the rest being positive inflows, the largest single-day net inflow reaching $263 million. The data reflects a positive trend, with strong confidence from over-the-counter buying.
TOKEN 2049 in 2023 is viewed as the dawn of the bull market before the end of 2023. Whether the recently concluded TOKEN 2049 has marked the bottom of a new bull market cycle remains to be seen.
