Now Bitcoin is slowly approaching 62k. The following figure shows the MVRV deep support area for short-term holders of Bitcoin. This area has successfully conducted 13 bullish retests from 2013 to the end of 2023, with only 2 failures in history. This is the 16th retest. The expected support for the bull market in the second half of the future is still funds and traffic!
Currently both are fully equipped:
Funding: interest rate cuts, ETFs
Traffic: After recent events, Trump is basically confirmed to be the world's number one in traffic, and the consensus in the United States will become higher and higher. In addition, Trump will attend the 2024 Bitcoin Consensus Conference and is expected to continue to release many favorable policies.
With this wave of traffic and the influx of funds, it will be difficult for Bitcoin to fall. Therefore, with so many favorable factors in the future:
1. The bull market trend is bound to
2. This wave of callback is basically coming to an end
3. Bitcoin’s new high is inevitable
During this wave of pullback, institutional whales hoarded Bitcoin again in large quantities, and the data chart of whales bottom-fishing was as high as the bottom-fishing peak in 2020.
The situation reversed in one day, and Trump single-handedly accelerated the pace of the bull market. Now the market is dominated by long orders again.
Upcoming Processes:
1. Federal Reserve Chairman Powell will speak at 00:30 am on July 16.
2. The U.S. retail sales data on July 17 is related to expectations of interest rate cuts.
3. The European Central Bank announced its interest rate decision on July 18.
4. Trump spoke at the Bitcoin Conference from July 25 to 27.
Lao Chen's personal observation token list:
$YOURSELF
MAGA, the cryptocurrency launched in honor of US presidential candidate Donald Trump, occupies a prominent place on the list, and this choice is no accident. The MAGA token surged by more than 30% after news of the shooting broke. Despite a slight subsequent pullback, the MAGA token is still up 26% as of press time, with its market capitalization soaring to $370 million, making it the 167th largest crypto asset. The strong performance of the MAGA token not only reflects the market’s support for Trump, but also shows investors’ optimism about the potential impact of the event.
$Baby
$Pepe is the meme leader in this bull market and is expected to rise to $1. Although its circulation is large, the deflation mechanism will burn part of the currency in each transaction, which will increase its value. PEPE coin has shown good volatility and long-term price increase potential in the market. Although there are not many updates now, the deflation strategy plays a key role in its long-term value enhancement.
$AXL
Axelar Network is a cross-chain interoperability platform that aims to connect different blockchain networks and enable the free circulation of assets. With the continuous development of blockchain technology and the increasing popularity of cross-chain applications, the market demand for Axelar Network will continue to grow. AXL coin, as the core token of Axelar Network, will continue to appreciate with the prosperity of the market. It is expected that in the next year, AXL coin is expected to achieve a dozens of times increase.
$PEOPLE
The surge in PEOPLE tokens is also related to the Trump incident. News and narratives are often one of the key factors affecting the market and individual coin trends. Full circulation, the current market value is still relatively low, and there is still a lot of room. If it falls back to around 0.046 before November, buy it and hold it without thinking.
