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BTC initially ignited market sentiment, but unfortunately, the good times didn't last long, and the price quickly came down. Although it was only a brief new high, it is still a historic moment worth noting in the market. I think the 125,000 position for Bitcoin is not too much of a resistance. From today's trend, this kind of high and low pattern can easily undermine the confidence of short-term bulls. Next, we will see if the so-called 'mystical time window' in mid-August can come true. If it turns out, as some speculate, that the exchange rate of 0.04 may be achieved through Bitcoin's decline, it means that funds will continue to tilt towards ETH in the short term.
ETH is only 2 points away from its historical high, but since that high was four years ago, its impact on the current market is actually limited; it is more of a symbolic significance. The real key point this year is still the 4100 position. Currently, breaking through the 5000 barrier has become much more difficult. Looking at recent trends, ETH's rhythm is healthier than Bitcoin's, and its volume and structure are more stable, so funds may stay with it longer.
Regarding altcoins
SOL's recent rebound has been quite good, but compared to BTC and ETH, it still lags behind, especially in terms of exchange rate performance. Today, the entire altcoin sector was basically led by BTC; after a surge, most chose to pull back, indicating that the funds in altcoins are still relatively short-term, more for arbitrage. The old project ADA has made some movement, possibly because the market's expectations for its 'shell resources' are starting to ferment. Once someone promotes this story, short-term fluctuations may be significant. However, overall, the current market is still dominated by mainstream coins, with BTC and ETH at the steering wheel, while other coins are more dependent on their fortunes.
If BTC cannot stabilize in the new high range in the short term, ETH is likely to continue attracting the main attention of the market, while altcoins may fall into a state of weak follow-up. Short-term funds will increasingly tend to seek high certainty and strong breakout targets.
Currently, the altcoins I am optimistic about!
SOL
Recently, I have been recommending mainstream coins, which have shown good gains for long-term holding. SOL has finally started to rebound. Our community members have been buying at the bottom of 110-120 for SOL long-term, holding with zero cost after recovering the principal. A few days ago, I mentioned that $ETH broke 4000, and the reasonable position for SOL should be around 210. Don't rush for the upcoming market; funds rotate slowly, first BTC, then ETH, and then it will be SOL, BNB, and a series of mainstream coins, with altcoins last. Understand the market logic and prepare your layout in time.
SUI
Currently, it has been in a sideways consolidation, but I still have high hopes that SUI can enter the top ten by market cap in this bull market. The first wave will be from late 2023 to late March 2024, and the second wave will be from October 2024 to January 2025. Therefore, the situation is still uncertain, and all altcoins are dark horses. To break into the top ten by market cap, a dark horse must have the property of accommodating large funds. Therefore, the track for dark horses will be either meme, DeFi, or public chains.
LTC
LTC has rebounded after consolidation and has currently pulled back to the 121 position. The rhythm of sector rotation must be firmly grasped. Currently, this coin does not seem to be a problem. If you are doing sector rotation, the rhythm and direction must be correct. If the direction and rhythm are wrong, it will be a matter of taking turns picking up the pieces. The Ethereum-based altcoins are likely to consolidate for a while before re-emerging, and LTC is looking at 200!
LINK
The Ethereum system has made everyone feel the rise in the past two days. Those who chased in are likely to need two days to sort things out. LINK is an oracle track + RWA, so reaching 50 is not a problem. Don't easily get off the train. When doing sector rotation, you must judge which sector will rise next; otherwise, you will keep taking turns picking up the pieces during the rotation. I think the next active sectors will be SOL + MEME and BNB. Let's wait and see.
