Bitcoin plummets again, will it fall again? How to go next?
Bitcoin fell below its first low of 41,500 yesterday, triggering a second round of selling.
The reason is that after the ETF came out, although BlackRock was increasing its holdings, Grayscale, which holds more than 600,000 Bitcoins, has been selling it. It has sold more than 50,000 Bitcoins and has 600,000 more. Waiting there, this made the retail investors who got in with FOMO before the ETF very disappointed and started selling, while the market was also clearing out high leverage.
In fact, Shu Qin has long reminded everyone that the adoption of the entire Bitcoin ETF is a big benefit, and it is a standard Sell the News trend.
This time, the good news of 4 consecutive months of gains has been exhausted, and its correction will not be completed all at once.
We have analyzed before that the first plunge of 41,500 will definitely not be the bottom. It will definitely have a new low, and it is coming now!
Will he fall below 40,000? In fact, there is a very good bottom foundation here at 40,000, and the support capacity is very strong, so now it is very likely that the Wyckoff bottom model that Shu Qin mentioned before will be adopted.
Because the market is not sure whether 40,000 is the bottom, so after experiencing a natural rebound, it will definitely conduct a second dip to continue testing this bottom.
Not only us retail investors, but also large investors and traders on the right side are also waiting and watching. As long as the buying in the market cannot keep up with the selling pressure, it will fall below the 40,000 platform, and the situation will be extremely bad. Many bulls will stop their losses and the market will At least thirty-eight thousand pins will be inserted here.
Of course, Wall Street does not work on weekends, so there should be no big fluctuations in these two days. The opening of the market next week will be the decisive moment!
And not only Bitcoin, but all mainstream coins including Aptos and OP are on the verge of reaching their limits. Once they fall below, they will fall to a new price range. If it does, it will be the best entry opportunity on the eve of the big bull.Looking at the current situation, I think institutions are very motivated to plow down when everyone thinks it will not fall again, and get chips at a low price starting from 30,000 to prepare for the upcoming bull market.
Looking back on this month, the market has experienced what I mentioned as all the good news and falling below the previous low. The next step should be a natural rebound followed by a second bottom + test.
The trend of Bitcoin is very close to what we expected. This is the result of Shu Qin's many years of experience. I hope it can help some newcomers clarify the situation.
You and I encourage each other!
