10.29 Bitcoin starts a strong rise! Is the bull market really coming?
Bitcoin's price has been continuously rising since early morning today, directly breaking through the $70,000 mark, with the highest price reaching around $71,600 so far.
This is a very rare upward trend, as Bitcoin is currently at a very high position, and it seems that a new round of bull market is about to start. Just yesterday, we were discussing whether the triangular pattern could break through, and to our surprise, the market moved so quickly. This opportunity is rare, and we must pay attention to the upcoming situation; it is very likely that the bull market will start directly next, and by the time we realize it, we may have missed out and will have to wait several more years.
From the above chart, the highest position Bitcoin has reached is exactly at the extension of the previous top trend line. Currently, it seems to be facing resistance, and the previous market did indeed provide some pullback. However, in this situation, if strong upward movement continues after a pullback, we must consider that the upward trend will continue.
The upcoming market may still experience some small pullbacks, as the price has temporarily returned to below $71,000. After a small pullback, it is very likely that there will be continued growth today. Based on my personal experience, once an upward trend starts, the speed is very fast; it is normal for the price to rise by three or four thousand dollars within a day.
So today, in the short term, everyone can look out for small support levels after the pullback stops, which could be considered for entry. Of course, there is also the possibility that today might see a failed breakout, leading to continued declines; however, I still think it’s worth trying.
The above is just my personal opinion and does not constitute investment advice. If my friends have little experience, it is still advisable to observe and consider using a demo account or trading with very small positions, waiting until they can achieve stable profits before considering making money. The experience of a bull market is also very important!
