Bitcoin data has reached a major turning point, but don't panic, you must know about this upcoming good news. Let's take a look at what happened. First, the China Securities Regulatory Commission has made trouble again, suing Kraken, the second largest exchange in the United States, and more than a dozen small coins, which has a wide range of implications.
First of all, the SEC sued Precon, the second largest exchange in the United States, for unregistered operation, illegal transactions, and misappropriation of customer funds. These are serious crimes. It seems that they have taken ruthless actions. Moreover, the SEC directly listed these ten or so coins as unregistered securities, such as Solana, Horseshoe Coin, and Cardano, causing these named altcoins to plummet. It seems that the market is really going to be smashed. It is not recommended that you hold these named coins. The prospects are very unclear.
Not only the SEC, but also the U.S. Department of Justice announced joint enforcement against the cryptocurrency market. The market control is too obvious. Chuxin reminded its members yesterday that the big investors had fled, and sure enough, the market started to fall. Have you ever thought about whether this script is a bit familiar? In early June this year, the SEC did this, causing the cryptocurrency market to plummet, and Bitcoin fell below 25,000. And the big institutions frantically bought the bottom. After that, everyone saw that after absorbing the funds, the major Wall Street institutions led by BlackRock immediately submitted Bitcoin's spot ETF to pull the market, allowing Bitcoin to set a new high.
Now that the SEC has released its market crash, as long as there is a big correction, it is a good time for us to make arrangements. I hope everyone can seize this opportunity and don’t miss this great benefit!
I think now is a great time to buy the bottom, especially when the price is in the 32,33,34,000 area. It is expected that the market will warm up again before the ETF is approved next year. So, looking back at historical data, where are we now? From the chart of BTC holding addresses, the profit ratio has exceeded 80%, which means that 80% of Bitcoin holders are now in a profitable state. The profit plate is huge and the selling pressure is not small. Compared with the previous bull market, it is actually close to the peak.
Taking the past bull markets as an example, such as the small bull markets in late 2015 and 2019, there were large retracements after reaching an 80% holding profit ratio. Therefore, this time I expect the market to retrace 20%, which means the price is around the 30,000 mark. It should be noted that the market has not yet entered a big bull market, so it is difficult for this data to reach a 90% or even 100% holding profit ratio. Generally speaking, a small bull market will stabilize between 80% and 85%. Therefore, for investors, if they enter the market above 37,000, the profit and loss ratio may not be satisfactory, because there is actually not much room for upward movement, but the retracement range is very considerable.
After talking about the overall market, let's talk about the situation of ORDI, the leader of Bitcoin inscriptions. How high can this coin rise in the bull market? How big is the background of the promoters behind it? This coin actually involves the interests of many people, and it is supported by all miners and major mine owners. They are like night owls, waving flags and shouting. The development prospects of this coin are very worth looking forward to.
Due to these inscription transfers, the income of Bitcoin miners has increased significantly. Now, the Bitcoin network earns more than 300 Bitcoins a day, which is higher than the gas fee of a house, triggering crazy pyramid selling behavior among miners. However, unlike fermentation, ORDI has no selling pressure and is very scarce, with only 21 million. As the first coin born from the Audenos NFT protocol, it has a lot of room for speculation. At present, its market value is only 400 million, and all the coins are unlocked, without selling pressure from the project party, which is many times stronger than APE or ID. In my opinion, it is not too much for ORDI to enter the top 50 in terms of market value. At present, the market value of MK2 is 1.4 billion US dollars. If ORDI increases by 4 times to 80 US dollars, I think it is possible. Please note that this is the current market value. When the bull market comes, the overall market value of each coin will increase by six or seven times on the current basis, especially the altcoin, which may increase more. ORDI is not too expensive as a very scarce coin with only 21 million pieces.
Previously, we told everyone to invest in ORDI. At that time, it had not yet been listed on the exchange and the price was only one US dollar. I realized its potential. If it can really rise to 500 US dollars in the future, it will be a 500-fold return. However, no matter how good a project is, it is necessary to choose the right time. Projects like ORDI have risen so much recently, and it is obvious that they will fall back.
I believe that in this bull market, we can achieve wealth freedom. Next, I want to talk about a hidden positive. As we all know, the SEC is settling with Binance, and they want 4.3 billion US dollars. Some people are worried that Zhao Changpeng will sell Bitcoin to raise money, which will cause strong selling pressure and may even lead to the failure of the settlement. But in fact, Boss Zhao had already prepared the funds two weeks ago. You can see from the picture that 13 days ago, Binance transferred 3.9 billion USDT from the second cold wallet to the hot wallet, and there was no need to sell coins to raise money. After the settlement, the US version of Binance may be resurrected in place and start the IPO listing journey again. You can buy some of B Binance's BB. Now, there are only four months left before the Bitcoin halving, and our years of waiting are finally ushering in the final dream moment.
