Is BTC a Bull Trap or Reversal How Will the Market Develop Altcoins Focus on Chain Games and MEME Sector Dont Miss Out on Promising Coins in the US Election

Coin World News Report:
BTC plunged to around 65,000 in the middle of the night yesterday, causing panic among some people. Some even speculated that it would drop to 40,000. As we mentioned before, it is normal for the price to retrace between 0.382 and 0.618 during an uptrend. Once the retracement is completed, the next uptrend will follow.
If it does not fall below 64,577, I do not consider this uptrend phase to be over. Stay patient. After the adjustment is complete, BTC will launch another attack on 69,000.
Is it a bull trap or a reversal?
Although BTC experienced a price plunge last night, it did not change my view on the trend. At this stage, unless there is actual negative information, I do not expect a significant price correction.
After all, the US presidential election is less than two weeks away. If BTC continues to decline during this period, I will consider adding positions depending on the situation, as the market’s expectations for the election are still positive.
Investment itself is uncertain. It is about finding relatively certain investment basis in uncertain outcomes through various analyses. For example, I am indeed optimistic about the price trend during the US election and Q4. Therefore, I am betting more on the trend rather than the price.
Because the price is part of the trend, it does not necessarily end when the trend ends.
How will the market develop in the future?
For the future of the cryptocurrency market, I believe it will continue to experience a slow bull market. You can understand that BTC is continuously washing out weak hands through fluctuations and accumulating more chips, gradually allowing institutions to control the pricing of BTC.
It is already heading in this direction, and it is quite evident. It’s just that many people have not noticed it. Blockchain is also a game, and the most powerful players in the game are those who spend the most. The same goes for the cryptocurrency market. Whoever holds the most chips has the power to influence.
The US is currently gradually collecting chips through BTC spot ETF. BlackRock, for example, acquires a significant amount of BTC through CIONBSAE every day. As of today, BlackRock has already collected hundreds of thousands of bitcoins, and the average price is not low.
The US BTC spot ETF has already collected more than one million BTC chips, even more than the US government holds. Do you think institutions are investing so heavily just for a meager profit? Look at the level of speculation in gold. Bitcoin has not experienced a major surge yet because institutions do not have enough chips. Once they accumulate enough, those who are currently bearish will regret it.
The Sol ecosystem is now taking off comprehensively!
Jupiter and Ray are soaring, only Pyth has not yet gone up.
The on-chain memes are also flying, with Bome reaching a market capitalization of 900 million without any significant news, and Pop already reaching 1.5 billion.
Currently, Sol’s peak increase is GOAT, reaching 700 million.
The ceiling for Sol keeps rising. Our ecological environment is indeed unique, and it will definitely perform well in the future!
Apart from that, there are two aspects of altcoins worth paying attention to:
1. Gaming sector: Most of the altcoins launched on MEX since the end of last year are in the gaming sector. However, the gaming sector did not show much strength in the first wave of altcoins this year, and after more than half a year of consolidation, it dropped nearly 90% from its peak. Now it is starting to gain momentum again. BIGTIME is still strong. PIXEL not only broke through the bottom box but also broke the supply line. PORTAL is also about to break the supply line, and the prospects look promising.
2. MEME sector: At first, there was hype around various animals such as frogs, hippos, and BOME. Then, the hype shifted to the US election-related MEMEs on MEX. Now it’s AI+MEME’s turn, and MEMEs are likely to be prevalent throughout the cycle.
Smarter altcoins are starting to transform into MEME launch platforms. For example, APE is following the SUI and APT routes, driving up the price of B coins. DYDX and BAKE will also enjoy the dividends later. Now, you can either follow the trend, switch to more stable high-cap MEMEs or blue-chip DEX coins, or focus on short-term opportunities. Summarize the news and make a decision. If you don’t want to switch or move, just wait for Bitcoin to reach a new high, and other altcoins will perform. I believe Q4 will have a big wave. Let’s look forward to it together.
The US presidential election is approaching, and investors can also pay attention to the following election-related coins.
The presidential debate between Trump and Harris is taking place, and the market shows that Trump-related meme coins like TRUMP, MAGA, TREMP, STRUMP, MAGAA, and FIGHT remain hot. The related dog-themed coins include ELON, FLOKY, TRUMP, MAGA, DOGE. There is also a Harris-themed coin called KAMA.
Among them, DOGE is experiencing a revival. It follows the trend, and these types of election-related coins should not be missed in the short term. The DYDX Foundation has announced the launch of a perpetual contract for the Trump 2024 election prediction market, allowing users to trade in a completely decentralized environment. In addition, pay attention to whether this debate has any significant highlights, as there may be new dog-themed coins appearing on the blockchain, similar to when FIGHT was launched.
PEOPLE is an election-themed coin with a political label in the US presidential election. It is also a relatively active coin in the meme ecosystem, experiencing fluctuating trends as Trump and Harris engage in debates.
Be patient. The US election will arrive soon. Recently, the performance of election-related coins has been very good. The anxiety of retail investors mainly comes from high holding costs or overexposure. Adjust your mindset and wait for opportunities to come.