After BTC broke through $69,000, market investors are expecting it to reach a new high. This article analyzes the future market trends through the perspectives of different traders and influencers.
Technical Analysis:
@leon_li2:
Looking at the candlestick chart, BTC seems to have broken the downtrend line of the past six months and appears to be reaching new highs every day. However, the trading volume for these new highs has significantly decreased. On the other hand, ETH has broken the previous high but has only reached the resistance zone around $2,800. Yesterday’s price increase in ETH brought about a bullish sentiment in the market, with contract prices exceeding spot prices for the first time. Therefore, it is believed that the bull market is nearing its end.
@Crypto_Painter_X:
Analyzing the ASR-VC4 hourly channel, the current price behavior resembles that of late September, staying near the average resistance zone. It could be either a buildup of momentum or an exhaustion of momentum. In terms of spot premiums, it resembles the market conditions in early June, where there was a bullish trend in the long term under a negative premium. The key price level for determining a full transition to a bullish trend is $71,000. If it can break through the average resistance zone, the first target could be near the overbought line, currently around $77,500.
@Patrade_Buer:
From a weekly perspective, the market continues to trend upwards. BSL is waiting to be plundered, and this upward trend must make new highs. The initial target is in the $9,000 range, and it is still within the range (usually, the FVG gap will be filled). We are also watching for any opportunities for WFVG, around $64,500.
Macro Analysis:
@Phyrex_Ni:
It is believed that the long-term downtrend line of this cycle has been broken and successfully retested. A bearish rising wedge has formed on a smaller timeframe, suggesting a short-term weakness. The price may fall back to the long-term downtrend line and the 0.236 Fibonacci retracement level from the recent rally, which is roughly around $67,000. A larger ascending wedge has been constructed, with the first target for this rally around $72,000.
Data Analysis:
@LinChen91162689:
From a data perspective, in terms of spot trading, there was a small sell-off on Sunday night, followed by a volume-led rally on Monday morning. From the perspective of futures trading, there were continuous small sell-offs on Sunday night and Monday morning. Although the first rally in spot trading was accompanied by short covering and short selling, the second rally after breaking through $69,000 turned the market completely bullish. It seems that the bearish sentiment was based on the assumption of a false breakthrough at $69,000 and was stopped out by strong buying pressure in spot trading. Notably, Coinbase has changed its continuous selling pattern and started buying in small amounts since Sunday. This is a significant change. However, Binance Futures has only shown significant buying during the three volume-led rallies and has engaged in small-scale closing of long and short positions for the rest of the time. In summary, spot buying pressure has begun to emerge, albeit with low volume. If it can absorb the profit-taking supply from futures trading, the price can stabilize above $69,000.
Other Cryptocurrencies:
@MaoShu_CN:
Recently, altcoins have shown signs of improvement. Meme coins experienced a pullback, but caution is still advised. A positive signal for altcoins is the rise of oracle projects like APE, API3, and DIA, indicating increased on-chain activity. However, caution is needed when it comes to the narratives surrounding the metaverse and NFTs, as they may be used as opportunities for altcoins to become active and then sell off. Last year, the oracle sector led the market in the previous bull market, and it is hoped that it can revive market activity this time as well.
@0XENAS:
He believes that the market operates in a mysterious way, and there are opportunities to find coins that may bring excess returns or coins that will go to zero after being promoted by other KOLs. For him, he would choose $GOAT and $GNON, and he has already bought the dip in GOAT. He believes that GOAT and GNON will be key positions in the future long-term trend. If he is wrong, he will become the liquidity provider for others to exit.
Overall, the market seems to be showing signs of optimism, with BTC and altcoins experiencing positive movements. However, caution is advised, and various perspectives should be considered when analyzing the market.