Some KOLs in the market are comparing the current BTC situation to November 2021, claiming that a double top has formed and the bull market is over. However, I must say that focusing solely on the charts is quite one-sided, as the fundamentals are completely different now.
In 2021, we were at the tail end of quantitative easing and on the verge of interest rate hikes, while now we are in a rate-cutting cycle and at the end of quantitative tightening. ETFs and U.S. companies are still continuously increasing their BTC holdings, providing solid financial support.
Furthermore, the emotional landscape is drastically different.
Recently, BTC has reached a new high, but ETH and altcoins have just gone through a round of crashes, and the market sentiment is actually quite low, which is completely different from the frenzied celebration of NFTs and blockchain games in 2021.
My personal judgment:
The main upward wave may not have truly started yet! Short-term adjustments of one or two months are very normal; the bullish trend is likely to continue. Don't get misled by a single comparison that throws off your rhythm.~
