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This Week’s Theme: #WillBTCHit120K
📅 Event Period: Oct 28 – Nov 2, 24:00 (UTC+8)
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Share your market view on this week’s theme: #WillBTCHit120K ?
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#PI I have been mainly looking at the weekly chart of $BTC during this period. The candlestick signals are very similar to the trend after the wave in March 2024. I feel that the market may still need some time to liquidate long positions. I estimate around two weeks. This is just my personal judgment, not investment advice, so don't blame me if I'm wrong.
I mainly refer to BTC when judging the overall direction, not ETH or SOL. There will definitely be rebounds in the market during this period, and the rebound magnitude could be significant, but if you pull the cycle to look at the weekly chart, the overall trend is downward. Why is this happening? There could be many reasons, such as seasonal factors, simply too much increase leading to a decline, the positive impact of interest rate cuts in September, market long position liquidations, and the need for a correction in US stocks at high levels... Any explanation could fit, but the market is just moving this way now.
BTC