Pessimistic people always blame others and indulge in losses; while optimistic and smart people are good at thinking out of crises and exploring future opportunities. Everyone in this circle knows that Li Xiaolai was once the richest man in Bitcoin, but they don’t know the melancholy of the big pie that he bought at $6 and then fell below $1, with his assets shrinking by 97%. If you only see the immediate benefits but not the future market value, it is difficult to realize your ideals in this circle!
While many retail investors are still panicking about the market correction, some institutions are quietly storing large amounts of BTC. The purchase of Bitcoin by asset management giant BlackRock is related to its application for a Bitcoin spot ETF, and banks may purchase Bitcoin as a means of resisting US dollar inflation to cope with the slow depreciation of the US dollar as a reserve currency. The emergence of institutions will only make the BTC price more stable.
Yesterday, many people were panicking, thinking that Bitcoin had broken through the range and there was still unfathomable space behind. This is a misunderstanding of technical analysis. I have told you on Twitter before that when we analyze and judge the support and pressure of a product, we must use different analysis methods to judge from different angles, so that the accuracy is much higher, especially at the critical moment of a major turning point. Rather than simply judging whether a number has broken through or not, the support and pressure formed at a major turning point is a range, not a certain point; for now, Bitcoin is still within the support range and has not effectively broken through. And from the perspective of market share, Bitcoin's current market share has reached 45.84%, a record high since April 2021. This is a positive signal. The market share in the first two bull markets exceeded 70%.
Judging from the trend structure of bitcoin, the current correction is nearing its end, and the downward space is very limited. This round of three-wave correction will come to a temporary halt. Before the Dragon Boat Festival, the bulls will definitely show signs of counterattack. Let time accompany you to slowly become rich.