Bitcoin's current upward momentum is stagnant. How might the future market develop?
Typically, the upward trend of BTC follows the pattern of 'rally - consolidation - stop loss breakdown - continue to rally', and it is currently in the consolidation phase.
If there can be a slight pullback later, especially if it continues to rise near 70,600, this kind of trend would align more with market logic.
However, the PCE, unemployment claims, and employment data are all potential variables. The PCE indicator is shown in the graph, and the market expectation for first-time unemployment claims this week is 230,000. Below expectations would be favorable, while above expectations may constitute a negative impact.
If the data is close to expectations, the impact may be relatively small.
Therefore, remember to closely monitor the release of these economic data, as it will help in judging the subsequent market trends.
One cannot help but wonder: in this bull market, do altcoins still have a chance?
My answer is: definitely yes.
Altcoins that have risen significantly should exit in time, as the capital sustainability is too weak! Don't be greedy!
Can the new high be broken?
The recent drop in the crypto market has been quite severe, falling from above 72k to below 70k. I've seen many brothers start to shout that the bull market is over again.
Sweet girl thinks there's no need to be too nervous, as we are currently in the stage of striving for historical new highs. There have been many stages in crypto history where new highs were attempted, and they all ended successfully.
I know this round of the bull market is atypical, being led by funds from outside the circle, with large funds only flowing into BTC. Altcoins have not received much positive help, resulting in a very small increase in asset value for everyone. Because the current market sentiment is generally low, there was panic last night, giving a feeling of being poor and scared.
However, the economic laws of any phenomenon actually have their patterns. In the 16 years since the birth of cryptocurrency, the rule of a bull cycle for altcoins every four rounds has not changed. This time is no exception, but the approval of the spot ETF has led to the new high coming a bit earlier. According to past cycles, new highs usually occur in the second year after the halving. Because this round of the market has advanced, it has caused altcoins to lag behind, but this does not mean they won't catch up.
Sweet girl believes that the traditional imitation season will arrive by Q4 at the latest next year. The road to breaking new highs is often thorny, so everyone should prepare their chips and wait quietly.
