$The biggest problem with Bitcoin right now is that its MACD looks terrible. Whether it's the daily or weekly chart, especially the weekly chart, it looks too much like November 2021. That was the time when the last bull market ended.
However, if the bull market is going to end like this, it's too strange. Altcoins are still bottoming out, global liquidity is ample, the Fed is about to ease, and institutions and a bunch of whales have just entered the market to build positions. In this situation, is the crypto market going bearish? Why is it so bizarre? In fact, this bull market has been quite abnormal; Bitcoin is repeatedly hitting new highs, Ethereum is reaching new heights, but there’s almost no attention, no excitement, and no new participants. There are hardly any new entrants from outside. Don't tell me it's just quiet domestically; hang a ladder and check the foreign networks, the activity is nowhere near that of 2021 or 2017, and it’s also a desolate scene overseas. There's simply no buzz!
Why? Altcoins are so damn absent! Institutions think that if they keep drawing the picture of Bitcoin reaching a million, retail investors will buy it? Even if you draw the picture of 10 million, not many people will buy it! And Ethereum, a public blockchain, is equivalent to the Microsoft or Android operating systems in the blockchain world, but there are hardly any decent software or apps on it, no one uses it, there's no activity. Is pulling Ethereum useful? Is this public blockchain meant to be used or just to manipulate prices and look at numbers?
In short, after institutions entered the market, too many things became unreasonable, too nonsensical. Unless the daily MACD forms a golden cross again and the weekly recovers, we need a manic altcoin season to bring new participants in and lay the groundwork for the next bull market. Otherwise, I can’t imagine what retail investors would come back to the crypto market under these circumstances.
However, if the bull market is going to end like this, it's too strange. Altcoins are still bottoming out, global liquidity is ample, the Fed is about to ease, and institutions and a bunch of whales have just entered the market to build positions. In this situation, is the crypto market going bearish? Why is it so bizarre? In fact, this bull market has been quite abnormal; Bitcoin is repeatedly hitting new highs, Ethereum is reaching new heights, but there’s almost no attention, no excitement, and no new participants. There are hardly any new entrants from outside. Don't tell me it's just quiet domestically; hang a ladder and check the foreign networks, the activity is nowhere near that of 2021 or 2017, and it’s also a desolate scene overseas. There's simply no buzz!
Why? Altcoins are so damn absent! Institutions think that if they keep drawing the picture of Bitcoin reaching a million, retail investors will buy it? Even if you draw the picture of 10 million, not many people will buy it! And Ethereum, a public blockchain, is equivalent to the Microsoft or Android operating systems in the blockchain world, but there are hardly any decent software or apps on it, no one uses it, there's no activity. Is pulling Ethereum useful? Is this public blockchain meant to be used or just to manipulate prices and look at numbers?
In short, after institutions entered the market, too many things became unreasonable, too nonsensical. Unless the daily MACD forms a golden cross again and the weekly recovers, we need a manic altcoin season to bring new participants in and lay the groundwork for the next bull market. Otherwise, I can’t imagine what retail investors would come back to the crypto market under these circumstances.