Dear Readers,
For all those who are in the market, they will certainly be in a depression mode for the last one month market down movement.
The last week dump also weakened their hopes as well.
The dump in some ways is good to have too!
As per the halving analysis chart, we could see the top dates are in 2025 only.
Till then there will be up and down movement may be there in the market.
But, as far as BTC are concerned, 53500 would be the bottom price at this movement. We have seen that after touching at this price, BTC started to move ahead too.
Since 53500 is acting as a long time support BTC that we can see in the chart.
Even I did not expect that BTC would touch this range. What I have anticipated that 56500 would be region, where it may witness a double bottom and BTC would move forward. Even I have done DCA in that region.
The whales are doing forced liquidation citing Mt. Gox incidents. As the Mt Gox incident synced with this period, this has widely happened- which helped the whales to do the forced market liquidation.
If you have watched carefully in this BTC price region, the longs have been liquidates and the considerable flow in the BTC ETFs which is again confirmed that the whales are accumulating heavily.
There are major news are around in the market.
Like Mt. Gox, the collapsed cryptoexchange FTX would also be distributing the BTC to its customers. If we compared the volume of FTX compared to Mt. Gox, it is much much more. This may be happening in the months of October and November 2024. But the major thing is that the investors of FTX would receive the BTC according to their previous market price only as FTX would be paying them in the stablecoins to that price and the recent movement gains of BTC would not be a benefit for them. The amount of the BTC is in the range of $ 16 Billion. ( Mt Gox ix only $9 Billion worth BTC)
If we consider the next 6-8 months, the Ethereum ETF would be started to trade in the crypto markets where much more inflows would be there in the crypto markets.
There are more chances for the interest rate cuts to be announced by FED in US.
There are many chances in the US to have the Pro Crypto favour President ( Donald Trump) to be elected considering the situations as of now.
If he would be there, there are more chances for a pro crypto climate and SEC regulations would be crypto friendly in the US.
What is my game plan is that I am doing everything in a long term HODL.
This is fully a emotional controlled market. Whenever there is a heavy dump, use as an opportunity to buy and do DCA.
You might have witnessed that while the market was on top, there were widely good news were there. Many have not booked profit instead they bought at the top. Likewise, even in the dumping, there were many negative news are around which hinders buyers do not encourage to buy as well.
From the above events, consider that this is a time for buy and not sell which is being instructed through our articles in a regular basis.
So, make a strong frame of mind and watch the crypto market with an outside view so that you can understand.
At the time of writing this article, the global crypto market cap valued at $2.12T, a 1.43% increase over the past 24 hours.
BTC is trading at $57897 while ETH is trading at $3071. The fear greed index is at 40, which is indicating fear.
So stay strong, stay invested!
Reap profits in the next bull run!
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