After BTC broke through $69,000, market investors are expecting it to reach new highs. This article analyzes the future market trends through the perspectives of different traders and influencers.
Technical Analysis:
@leon_li2: From the candlestick chart, BTC seems to have broken the downward trendline of the past six months and appears to be reaching new highs every day. However, the volume of these new highs has significantly decreased. On the other hand, ETH has broken the previous high but is currently facing resistance at the $2,800 level. The recent surge in ETH has brought about a bullish market sentiment, with contract prices exceeding spot prices. This indicates that the bull market may be coming to an end.
@Crypto_Painter_X: Looking at the ASR-VC4 hourly channel, the current price behavior resembles that of the end of September, where it continues to trade near the average resistance zone. It could be either a sign of consolidation or an exhaustion of momentum. From the perspective of spot premiums, it resembles the market situation in early June, where a bullish trend emerged under long-term negative premiums. The key level to determine a complete shift to a bullish trend is at $71,000. If it can break through this resistance, the first target could be near the overbought line, currently around $77,500.
@Patrade_Buer: From a weekly perspective, the upward trend is expected to continue, and the target is set at the $90,000 level. Currently, it is still within the range (usually, the gap in the oscillation range will be filled). Pay attention to the possibility of a pullback to the $64,500 level, which may present a buying opportunity.
@CryptosLaowai: The current price action resembles a bearish rising wedge pattern, indicating a short-term weakness. The expected downward movement could retest the long-term downward trendline and the 0.236 Fibonacci retracement level from the recent high, which is roughly around $67,000. However, a larger ascending wedge pattern is forming, with the first target for the current upward movement around $72,000.
@Kbeast.eth: Based on the value area of BTC’s wide oscillation in the past six months, the recent upward breakthrough did not surpass the value area high (VAH) of the past six months. The thickest distribution, which represents the largest supply zone, is at $70,900. If the upward movement continues without any auction rejection, the next target will be $70,900.
Data Analysis:
@LinChen91162689: From a data perspective, there is a slight sell-off in aggregated spot trading during Sunday night, but it started to increase significantly on Monday morning. There were two rounds of price surges during this period. As for aggregated futures trading, there were continuous small-scale sell-offs initially, both long and short positions, during the first price surge. However, after breaking through $69,000, the sentiment turned bullish. It seems that the initial bearish positions were based on the assumption of a false breakout at $69,000 and were stopped out by strong buying pressure.
@Phyrex_Ni: The recent data from BTC spot ETFs has been positive, with significant funds still concentrated in BTC. On Friday, the net inflow into BTC spot ETFs was 4,099 BTC, the lowest in the week but still strong compared to previous weeks. BlackRock has been consistently increasing its holdings for five consecutive working days, accumulating 16,975 BTC. Fidelity ranks second with a net increase of 4,807 BTC, followed by ARK with 4,538 BTC, and Bitwise with 2,244 BTC. Grayscale’s GBTC has also seen a net inflow of 963 BTC in the past week, indicating a shift in sentiment. BTC remains the primary focus for investors, even in times of tight liquidity.
Other Cryptocurrencies:
@MaoShu_CN: The recent performance of altcoins has improved, with meme coins experiencing a pullback. However, caution is advised despite the optimism. The activation of oracle projects such as API3 and DIA indicates increased on-chain activity, signaling potential opportunities for altcoins. The APE project has shown significant gains, leading the metaverse and NFT sectors. However, the market narrative seems to be lacking in focus on the metaverse and NFT, suggesting the need for careful evaluation as these sectors may be used as a pump and dump strategy by some altcoins. The active performance of oracle projects remains optimistic, as they were the first to lead the market during the previous bull market in October last year.
@0XENAS: He believes that the market operates in a mysterious way, offering opportunities to find coins that may bring excessive returns or to witness the collapse of coins promoted by other KOLs. For him, he chooses $GOAT and $GNON, and he has already accumulated GOAT. He believes that GOAT and GNON will be key positions in the future long-term trend. If he is wrong, he will become a source of liquidity for others to exit their positions.
In conclusion, BTC’s recent surge has sparked optimism among traders and investors. Technical analysis suggests both bullish and bearish scenarios, while data analysis indicates positive market sentiment with increased inflows into BTC spot ETFs. Altcoins also show signs of improvement, particularly in the oracle sector. However, caution is advised as market narratives and trends can shift rapidly.