Bijie.com reported:
Yesterday, the financial market experienced a severe shock, causing Bitcoin and Ethereum to suddenly enter a deep correction, as if the bull market had come to an end. However, is this really the case? The sell-off triggered by the plunge in US stocks may instead provide the impetus for a strong rebound in Bitcoin in the future. Bitcoin once plunged to $65,260, but this may not be the beginning of a bear market, but an excellent opportunity for a “U-turn”. Although the market continues to fluctuate in the short term, the footsteps of the bull market have not stopped. Under the deep correction, it may be accumulating energy for the next high point.
Is it a trap or a reversal?
Although BTC plunged again last night, it did not change my view of the trend. At this stage, unless there is actual bearish information, I am not expecting a significant price correction. After all, there are less than two weeks left until the US presidential election. 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 uncertainty, but through various analyses, finding relatively certain investment basis in uncertain results. For example, I do believe in the trend of the US election and the price trend in Q4, so I am betting more on the trend rather than the price.
Because the price is part of the trend, the price may not end until the trend ends.
Has the market reached a stage peak of 69,000?
Bitcoin’s market dominance reaches a three-year high
Since September 2022, Bitcoin’s market dominance has been on the rise. Data shows that Bitcoin’s market dominance has recently reached nearly 58%, an increase of over 8% for the year, reaching a high since April 2021.
The early stage of a bull market cycle is usually accompanied by an increase in Bitcoin’s market dominance. However, when the market enters the altcoin season, Bitcoin’s market dominance usually declines. At the same time, when Bitcoin’s market dominance reaches a high point, the market often enters a consolidation or correction phase.
This is a manifestation of the critical point of market liquidity and investment sentiment. It is a natural result of profit-taking after a large amount of capital flows into Bitcoin, and the price reaches a high level.
Outlook for the future:
Short-term outlook
$65,000 is expected to be an effective support level in the short term, and the rebound to $67,000 shows strong buying power. However, the subsequent trend still depends on changes in trading volume and market sentiment. If the bulls can continue to exert force and break through $68,000, the market is expected to continue to rise.
Medium and long-term outlook
From a medium and long-term perspective, the stability of the support level needs to be judged in combination with macroeconomic factors, policy changes, and market sentiment. The overall long-term bullish trend of Bitcoin has not been broken, although there is significant volatility in the short term. If the $65,000 support level can continue to be effective, it may accumulate strength for further upward movement.
What should be done now?
If you currently hold positions, it is recommended to strengthen risk control measures near $65,000 and set stop-loss protection to avoid significant losses if the price falls below. For investors who are bullish, consider gradually building positions in the $65,000 area, but closely monitor market trends, especially after Bitcoin breaks through $68,000, additional purchases can be considered to respond to the continuation of the market.
$65,000 is a potential support level for Bitcoin, with certain technical and psychological support, but its effectiveness still needs to be further observed in conjunction with market reactions, changes in trading volume, and the global macroeconomic situation. In the current highly volatile market, investors should remain flexible and adjust strategies timely based on market changes.
In plain terms, if there are signals of a bottom in the short term, we will establish short-term and trend positions together, and then observe the stretching of the trend. If the trend is good, we will continue to hold the trend position, otherwise, we will adjust the short-term position.
It is impossible to predict where the price will go next. I can only tell you that the upward trend has not changed and $65,500 will be a good support level. Follow the trend, go against the small trend, manage expectations well, and control risks. Do what we can and leave the rest to the market. After all, in this market, none of us can control it.
The US election is coming, and investors can also pay attention to the election-related coins.
The debate between Trump and Harris, the US presidential candidates, is ongoing. The market shows that Trump-related meme coins such as TRUMP, MAGA, TREMP, STRUMP, MAGAA, and FIGHT are still hot. Related “dog” concept coins include ELON, FLOKY, TRUMP, MAGA, and DOGE. There is also a Harris concept coin, KAMA.
Among them, DOGE has gained momentum! Following the trend, these types of election-related coins should not be missed in the short term. The DYDX Foundation announced the launch of a perpetual contract for the Trump 2024 election prediction market, allowing users to trade in a fully decentralized environment. In addition, pay attention to whether there are major highlights in this debate, which may also lead to the emergence of new “dog” coins on the blockchain, similar to the appearance of FIGHT at that time.
PEOPLE is a US presidential election concept coin with a political label, and it is also a relatively active coin in the meme ecosystem. With Trump and Harris occasionally having conflicts, PEOPLE always experiences ups and downs in its trends.
Be patient, the US election will come soon. Recently, the trend of election-related coins has been very good. The anxiety of retail investors comes from high holding costs or overweight positions. Adjust your mindset and wait for the wind.
