The Bitcoin Pullback Has Arrived!

Bitcoin is experiencing a wave of adjustment, similar to what was mentioned yesterday, with a low around 93,000. This has caused many to start worrying about a crash and fearing the end of the bull market. A small-level pullback is very necessary, and there’s nothing to be afraid of.

Bitcoin has confirmed an expanded adjustment level, with support at 92,500 on the 4H chart. This support level was mentioned before, and we will have to see if it can maintain a range around this support or if it will break down further.

The overall trend remains positive. The inflow into Bitcoin ETFs continues, and the interest rate cut cycle is still ongoing. Not to mention, there’s another rate cut scheduled for the 18th of next month. Right now, for spot trading, it’s about selecting quality assets and just holding on, without worrying too much.

As for contract players, in the last 24 hours, a total of 161,007 people were liquidated, with a total liquidation amount of 527 million. Although it’s a bull market, it doesn’t mean it will always go up. The endpoint will be high, but the process will be bumpy, so cherish life and stay away from contract leverage. Don’t stubbornly short the market; the profits are limited, and the risk of liquidation is high, which is really unnecessary.

Here’s a prediction of the most likely trend:

Only when Bitcoin pulls back can there be a bull market for altcoins. It’s important to understand that the logic of retail investors differs from that of institutions. Institutions may only recognize the leading projects in a sector, so funds only flow into Bitcoin. However, retail investors are always looking for opportunities to overtake in the bends. This wave of Bitcoin’s solo performance has created a significant demand for altcoins to catch up. Retail investors see this and are directing their funds into the altcoin market, and this wave of altcoin recovery also helps solidify the foundation for Bitcoin to break through 100,000, as this breakthrough is a result of both capital and sentiment.

The best scenario is for Bitcoin to oscillate at a high level, allowing Ethereum to take over and drive a bunch of altcoins to take off!

Once Ethereum starts to rise, even if Bitcoin breaks the 92,500 support, it will provide space for Ethereum to pull back. This can be seen as a relatively good state for a bull market relay.

If the market only has Bitcoin driving the rally, then retail funds may never catch up with Bitcoin, but the recovery of altcoins will definitely attract retail funds to chase, or entice retail investors to sell their already recovered altcoins, thereby supporting Bitcoin’s breakthrough in terms of capital and sentiment. After Bitcoin rises, it can pause and wait for altcoins, and this cycle can repeat, creating the familiar altcoin bull market!

As for how to filter for quality and valuable altcoins?

The Meme sector is undergoing an adjustment:

Previously, the Meme sector was the market leader, but it has now experienced a pullback. Even though Elon Musk has tweeted several Memes, these projects have shown a one-wave trend, spiking and then crashing. Even with Musk personally promoting it, not a single golden dog has emerged, indicating that the Meme market is indeed fading.

For projects without a narrative, it’s essential to clear out at high positions; don’t fantasize! In the end, the Meme market will be left in shambles, with only a few possessing strong communities and narrative capabilities surviving.

Look at the trend: For example, Doge has Musk promoting it wildly, and the market is speculating, so it continuously attracts traffic and funds, causing Doge to rise.

Look at the project community’s team operations: They should actively create narratives and push for development, similar to what happened with Neiro recently.

Also, check for strong market makers: Having these conditions increases potential, as any project’s speculation relies on traffic and funds.

Although Bitcoin is pulling back, the altcoin market is completely ignited:

This wave mainly focuses on old coins on CEX, with almost all old coins rising over 30% over the weekend. This situation resembles the collective return of large funds to CEX after the 2020 farm craze. Few people successfully transitioned to the CEX market at that time; most made money in DeFi and missed out on CEX. This scenario is quite similar.

Every pullback is the best opportunity to get on board, but prioritize leading projects, public chains, DeFi L2, etc., as they are the market's first choices.

That’s all for this article. If you liked it, please give a follow and a thumbs up!

In the crypto industry, if you want to seize the next bull market opportunity, you need to have a quality circle where everyone can band together for support and maintain insight. If you’re alone, looking around and finding no one, it’s actually very difficult to persist in this industry.

If you want to band together for support or have any questions, feel free to join us—WeChat Official Account: You Bi Zhi Qing Nian

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