A Bull Market Exclusively for Bitcoin?

Bitcoin has reached a new high today, with the price breaking through 96,000. However, compared to previous continuous breakthroughs, the trading volume has decreased significantly. This has led to some bearish voices in the market, believing that the upcoming 100,000 mark will be fraught with difficulties, worrying that market funds may not be sufficient. As a result, many investors have started to take profits proactively to hedge against risks.

I personally think it is very good for large funds to have this risk control awareness. My consistent strategy is also to take profits on a portion whenever a new high is reached, but taking profits does not mean I am pessimistic about the future market; it is merely a means to strengthen my conviction. You can try this too. For example, if you have a coin that you think has risen enough and you have made enough profit, and you feel a bit reluctant to sell, you can try selling 1-5% of it. This kind of operation can help you sleep better.

Currently, Bitcoin is healthy on both the 4-hour and daily charts. There is no reason or motivation to pull back below 100,000+, as the daily chart has just begun. So let's wait patiently.

Bitcoin's market share has reached a new high, now accounting for 61.5%. In March, when BTC first hit its all-time high, the market share was only 54%. Subsequently, the "Bitcoin-sucking altcoins" phenomenon became increasingly evident, leading to Bitcoin's surge to 95,000 today, while Binance shows only 111 tokens rising and 1,155 tokens in a downward trend…

According to the data from the last bull market, when the market share reached around 67%, altcoins collectively exploded. Based on this data, it seems to be coming soon. When we reach 100,000+, let's see if we can inject some confidence into the altcoins. As long as market confidence returns, they will collectively scream again. It should happen around mid-December, but the latter part may not perform well and could see a significant pullback.

Is There Still an Altcoin Season in This Round of the Crypto Market Bull Run?

I believe this is the biggest question in the minds of most friends during this bull market. Bitcoin is nearing the six-figure mark, while altcoins continue to decline. However, the number of retail investors holding Bitcoin is extremely limited, and whether holding valuable coins or MEME coins, we are just getting beaten up every day! It’s hard to see an end in sight.

Bitcoin continues to hit new highs, while altcoins are in a state of lament. The reason I have been mentioning recently is:

The way this bull market is unfolding is significantly more challenging compared to previous ones; the days of garbage coins skyrocketing and mindless profits seem to have left us for too long.

The current market is severely stratified; large funds only recognize Bitcoin, so new funds coming in are focused on Bitcoin, while small funds within the circle are strongly profit-driven, going wherever there is profit.

There is no doubt that only MEME coins can bring profit effects to everyone right now, so small funds are being absorbed into MEME coins on-chain and on CEX. We even see top CEXs like Binance, Upbit, and OK listing MEME coins; if a MEME coin is listed, it will surge, but if a non-MEME, or value coin, is listed, it will drop.

Moreover, the reigning king of altcoins, ETH, has been replaced by SOL this year. The same MEME exists on both chains, with the SOL chain being ten times that of the ETH chain. This is the market's choice. This has also led to many Ethereum ecosystem projects performing worse, and these projects happen to be the main altcoins on CEX right now, so this year has been tough for altcoins.

Currently, only a few points can lead to breakthroughs for altcoins on CEX:

First, Bitcoin must break through 100,000 and maintain above that level for more than two weeks.

Second, Ethereum's staking ETF must be approved, leading off-chain funds to start paying attention to Ethereum's ecosystem and other blockchain-native assets.

Third, crypto regulations must loosen, leading to another wave of major innovations on-chain, similar to the DeFi summer of the past, ideally with a few killer applications emerging. This way, funds will naturally shift from a defensive posture to an offensive one, and leverage will reopen.

As long as two of these three conditions are met, the altcoin bull market we are familiar with will return!

At this time, it is important to remember one thing:

Do not let the market noise disturb you; trading is actually very simple.

A rise is a good time to take profits, and a drop is a good time to accumulate; it’s just about buying low and selling high.

That's all for this article. If you liked it, please give a follow and a like!

In the crypto industry, if you want to seize the next bull market opportunity, you need to have a quality circle where everyone can come together for support and maintain insight. If you are alone, looking around and finding no one, it is 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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