Recent Rally = Bull Trapped
Deep Pullback Hasn’t Really Arrived
While I believe Bitcoin could end up at $100,000, $200,000, or even $300,000 in the long run, I expect significant volatility in the short term. Despite the optimism about the long-term outlook, current market conditions suggest that there could be turbulence ahead.
We all know about the Fibonacci retracement levels, which indicate that Bitcoin could face resistance around the $55,000 mark. It is recommended to lower expectations slightly while maintaining a favorable risk-reward ratio. As of now, Bitcoin is trading above $63,000.
Regarding Ethereum (ETH), we also analyze the Fibonacci retracement levels and identify a potential downside target of around $2,400. As of now, Ethereum is trading just above $3,000.
We must be aware of the growing importance of stablecoins, which have the potential to surpass Visa in total payment volume by the second quarter of 2024. Since 2017, stablecoins have rapidly emerged and are playing an increasingly important role in the global payments sector, especially in the cryptocurrency sector.
The prevalence of stablecoin trading is attributed to the government's efforts to restrict access to cryptocurrencies. The government's goal is to make it challenging to buy cryptocurrencies, thereby creating obstacles for users of exchanges such as Coinbase.
Risks and opportunities coexist in the cryptocurrency circle. If you haven't found the right team and leader, you might as well contact Caishen through Caishen's homepage. Free dry goods and benefits will be shared with you. Remember, opportunities are always reserved for those who are prepared.
