Last night was bloody and stormy, but the bull market script hasn't changed!
Last night's market was truly thrilling—Bitcoin and Ethereum both fell over 5%, while altcoins fared worse, with many losing half their value and returning to square one.
Many people are panicking, thinking the bull market is over, but this is typical psychological warfare—main players want to shake off the indecisive retail investors and those with high leverage, so they can charge towards new highs with a light load.
The weekly trend remains healthy, ETH has just broken through years of pressure, and the new cycle has just begun. The bull market is not over; the trend remains intact, and every deep decline is a godsend opportunity. Don't forget, panic is often the moment when smart money builds positions.
Let's take a closer look at the current market situation:
Bitcoin: After a brief new high, #Bitcoin faced a wave of panic selling, with the market blaming Bessen's reserve comments and PPI data, but these news do not change the big trend. The trend is not broken, and if it declines, be brave to buy.
#Ethereum: Standard Chartered directly raised the year-end target for ETH to 7500.
The logic is also solid:
Institutions and ETFs are crazily buying, with the buying volume since June absorbing nearly 4% of the global circulation, at a speed twice that of BTC's peak.
Regulation of stablecoins is being implemented, and more than half of stablecoin trading occurs on the ETH chain.
Technical upgrades are accelerating, with fee income and capital flow nourishing the ETH ecosystem.
Standard Chartered even predicts that ETH could reach $25,000 by 2028, and it is expected to break historical highs again in the third quarter of this year.
No matter what, I personally conservatively hold 5000, and will play in waves later. Don't short in a bearish outlook, eat the big gains in waves; stability is the true principle.
Next, we need to pay attention to the three signals indicating the end of the washout:
Decline with reduced volume
Support holds
Rebound signal appears
This is often the starting point for a new round of upward movement. But remember, picking the wrong coin = wasted effort; funds are concentrating on leading coins, and junk coins will be ruthlessly eliminated.
Recent trends of several old projects, let me briefly share my observations:
#AVAX: This year's trend is like a roller coaster, surging at the end of last year and pulling back a lot of profits at the beginning of this year. Although the ecosystem is expanding, the price has been constantly questioned. Last month it rebounded from 19.09 to 27.38, but faced resistance at 27 three times. This month it broke through 25 again, outperforming the market, momentum is recovering, short-term support looks at 22.33, and the bullish trend remains unchanged.
#ADA: Cardano has been very strong this week, breaking through the 0.90 resistance and briefly touching 1, with a weekly increase of nearly 20%. The next key is to hold 1; if successful, 1.3 is the next stop, and it may even challenge 1.5. Buying sentiment is warming up, and this rebound has considerable potential.
#HYPE: Up 20% in the past week, approaching historical high of 50. After a pullback in July, buyers are clearly waiting for opportunities, and the rebound strength is fierce. If it can turn 50 into support, it is expected to challenge 54, 60, 66, and the trend will enter a new round of 'price discovery'.
#FIR: Just launched BN ALPHA, backed by Stephen Chow's movie IP, with participation from stars like Angelababy in the music project. Recently hovering around 0.12, mainly digesting airdrops and early chip selling pressure, with decent buying depth in the market. The circulating market cap is only 17 million, and the bullish forces technically are accumulating, expected to test upwards in the short term.
Market fluctuations are the norm; the hardest part in a bull market is not timing, but holding onto your positions.
When the main players are reshuffling, are you the one being thrown off the car, or are you adding another seat on the bus?
The market is coming in waves, it's easy to get lost when going solo.
