Bitcoin has reached a new historical high, peaking at $75,600, pushing the global cryptocurrency market cap to over $2.6 trillion, with Bitcoin's market cap at $1.495 trillion.
According to The Information, insiders have revealed that bankers from several top Wall Street investment banks, including JPMorgan, Goldman Sachs, and Morgan Stanley, have been meeting with executives from the cryptocurrency industry. They hope to get a piece of the lucrative initial public offerings (IPOs) that cryptocurrency companies may pursue after the elections. This new enthusiasm reflects an optimistic sentiment that improvements in the market and regulatory environment following a Trump victory in the U.S. presidential election could pave the way for companies like Kraken, Fireblocks, and Chainalysis to go public. Advisors noted that bankers' interest in meetings is also different from much of the past two years, when many investment banks considered collaborating with cryptocurrency companies too risky and were reluctant to engage.
Chu Yuechen: Bitcoin and ETH Market Analysis and Trading Reference
With the U.S. elections concluded and Trump winning, he will become the next president of the United States. We analyzed yesterday that this will be relatively favorable for the cryptocurrency market. Last night, Bitcoin continued to rise and set a new high, reaching around $76,350. Currently, there has been a pullback, with prices fluctuating around $74,800.
Recent market sentiment remains high, and more institutions are optimistic about cryptocurrencies, as we mentioned above. The weekly chart also shows a significant increase this week, closing with a large bullish candle, which should not be a problem.
So, is this the new phase of the bull market, or have we already peaked?
Undoubtedly, it is impossible to say we have peaked right now.
It is important to understand that even with Trump in office, cryptocurrency is not the top priority for the Republican Party; there are too many high-priority issues, such as military spending and healthcare, that will take precedence over cryptocurrency. Therefore, it would be quite good if cryptocurrency-related matters can be addressed by the second quarter of 2025, and expectations can be extended a bit further.
As long as there is no economic recession or black swan events, the fourth quarter of 2024 should be the most stable. From Christmas to January 20, there may be some fluctuations, but after the inauguration on January 10, there is a high possibility of another wave of positive news.
Moreover, historically, significant declines tend to stabilize and rise about six months after a halving event. However, this does not mean that a bull market guarantees profits; why? Because everyone's approach and understanding are different, and more institutional players will continue to enter the market, which may pose more challenges for retail investors.
Overall, the risk before the second quarter of 2025 is relatively low. The focus should still be on U.S. monetary policy, whether the Federal Reserve will continue to lower interest rates, the trend of unemployment rates, and whether inflation will fluctuate.
The Federal Reserve's interest rate decision will be announced at 3 AM tonight, so everyone should pay attention. The market expects a 25 basis point rate cut, and it is highly likely that this will be the announced figure. Unless the data deviates significantly from 25 basis points, it will not have a particularly large impact on the cryptocurrency market.
Friends holding mainstream or altcoin spot positions can hold for a while longer, as this wave of increase may continue. Last night, ETH also made a strong rebound, breaking through the strong resistance at $2,820, reaching a high of around $2,882. It should not be a problem to push above $3,000.
Additionally, regarding contracts, it is essential to be cautious; the volatility has been significant in recent days, and with a wide range, it becomes challenging to set stop-loss points. If the stop-loss is too tight, it may get swept out; if it is too loose, the losses could be substantial. Therefore, even though most people in the market are bullish, many are either unable to enter contract positions or find their entry points unsustainable against pullbacks, leading to stop-loss exits.
Tonight, data will also be released, so we should not be too aggressive when trading contracts. For Bitcoin, consider entering a long position around $73,500, with a stop-loss at $72,500 and a target of $76,000.
For ETH, enter a long position between $2,750 and $2,760, with a stop-loss at $2,700 and a target of $2,850.
Specific Operation Suggestions (based on actual market prices)
For Bitcoin, consider entering a long position around $73,500, with a stop-loss at $72,500 and a target of $76,000.
For ETH, enter a long position between $2,750 and $2,760, with a stop-loss at $2,700 and a target of $2,850.
Market conditions change in real-time, and there may be delays in article publication. The strategy points are for reference only and should not be used as the sole basis for entry. Investment carries risks, and profits and losses are the investor's responsibility. Daily real-time market analysis, along with experience sharing groups and practical trading groups, are available for real-time guidance. Live broadcasts explaining real-time market conditions will be held at irregular times in the evening.
For more real-time market analysis, please follow the public account: Chu Yuechen.
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