Bitcoin surged to 88,000 dollars today, once standing at 89,500 dollars, and is now within reach of 90,000 dollars.
As of now, the total liquidation amount in the last 24 hours is nearly 7 small targets, with the main focus still on short positions. Bitcoin and Ethereum are repeatedly challenging the limits of the shorts. Just at 7:14 this morning, the leader reached a new high of 89,475, while the second one temporarily adjusted around 3,300 due to some trapped positions or profit-taking.
Ten days ago, many people would have thought that Bitcoin would rise to 70,000 dollars in the short term or touch the previous high of 73,000 dollars. When Bitcoin broke through 75,000 dollars, I thought it was highly likely to squeeze the shorts and touch 80,000 dollars before starting to consolidate. However, no one expected Bitcoin to rise from 68,000 to 90,000 in just one week.
From a technical perspective, looking at Bitcoin on the daily chart, there has been a consecutive two-day increase in volume. It's hard to drop directly from this position; at most, it will consolidate sideways. However, no matter how it consolidates, it's difficult for the shorts to make significant profits. According to the habits of the market makers, as long as there is a squeeze, and the top appears during the day, it's highly likely that this top is a false top and will break through again.
I suggest everyone, regardless of the situation, not to short massively in the near term. I recommend trying small positions. Personally, I would consider selling spot, even knowing it might still rise. However, the profit from low buying and high selling in the short term needs to be secured, while I continue to observe in the long term.
The long-awaited main upward wave has finally arrived!
The long 8-month period of turbulence and consolidation has finally come to an end. Although the process was painful, I am still quite grateful to myself. Throughout the process, I firmly believed that this channel is a continuation of the upward trend, a bullish flag, rather than a distribution top. It was like waiting for dawn in the darkness, not knowing when it would come, but there is no doubt that dawn will come; I just didn't expect it to arrive this quickly!
So how will it move next?
Since it is considered a bullish flag, the target for the bullish flag can be simply measured to reach 100,000.
After getting close to this area, it may start to consolidate, forming a new range of fluctuations. For those who like to trade in waves, they can enter again when there's a relatively clear range. However, trying to touch the peak now is pure gambling. If you really want to try, wait until it breaks this rapid rising trend line; at least the probability of success will be higher.
Hold cash, enjoy this magnificent trend. The inflow of ETFs and the increase of on-chain USDT tell us that this time is not a scam; it's real money entering the market. And this is definitely not their distribution range. If you are not on board, you can look for similar coins that are still lagging behind; the market will find and fill the gaps!
Just to clarify, don't think that when Bitcoin reaches its peak, it will suddenly plummet, dragging altcoins down with it like a Solana chain meme coin. That won't happen.
This can be referenced against the last round's double top, which is a distribution process at the daily chart level.
Altcoins generally rise in these two stages:
1. The continuation of the Bitcoin rise.
2. The process of the Bitcoin topping out.
Currently, market sentiment is quite contradictory. Bitcoin holders and meme coins are continuously rising, with good sentiment, while altcoins have disappointing gains. Most are worried that after a Bitcoin correction, altcoins will follow suit. With Bitcoin at such a high level, a correction could happen at any moment, and it's completely unpredictable what will happen to altcoins.
I tend to think that if Bitcoin can stabilize between 70,000 and 80,000, the altcoin bull market will come. Now that we are close to 90,000, it's hard to say. One trend this time is that a strong meme sector has attracted most of the funds, and it hasn't reached the point of massive liquidity injection. Ultimately, a general rise requires sufficient off-exchange liquidity. Currently, off-exchange liquidity only recognizes Bitcoin, while on-exchange liquidity only recognizes Solana and meme coins.
