The explosive bull market of altcoins
On December 20, BTC dropped to 92232, breaking below the lower Bollinger Band on the daily chart. I thought at least a short-term adjustment should be at its bottom, as it is common for prices to rebound immediately after breaking below the lower band in the early stages of a bull market, not in a bear market. If anyone was still shorting at that time without covering, it was pure gambling.
I was initially considering whether BTC would test its previous low again today, but judging by the market today, BTC is very strong. Many other altcoins have pulled back significantly, but it is also quite difficult for them to break below their previous lows again. The lows of these past two days should be the starting point for the explosion of various altcoins.
After BTC rebounded immediately, the rebound of various altcoins has been significant, with meme coins like PEPE, DOGE, BONK, PNUT, etc., showing the strongest rebounds. This confirms that this round of the bull market is primarily led by meme coins, similar to the previous bull market's DeFi coins. Other coins like SUI and BGB have also rebounded strongly. If we were to make predictions based on the 2021 bull market, we could make the following forecasts.
Well-known meme coins will be mainstream this round, and coins with high visibility, recognition, and trading depth will see significant gains in this bull market. Additionally, the vast majority of meme coins currently have no use or meaning; I believe this round will certainly see meaningful and useful meme coins emerge, rather than purely speculative PVP, and these coins have a better chance of standing out.
Other public chain platform coins should also be more stable.
After several rounds of bull markets, we should thoroughly demystify various coins and recognize that aside from BTC, everything else is garbage.
Back in the day, so-called top-tier projects like EOS, ICP, FIL, etc., along with various hyped VC coins, especially those with high valuations and low circulation, are best not even looked at, as they are essentially legal scams.
Initially, everyone had the idea that blockchain would change the world, investing in the future, and carefully reading white papers for each project, but the outcome was that they were all scams designed to take money.
However, no matter what, it does not prevent us from treasure hunting in the garbage heap.
I hope we all have extraordinary luck this time.