$BTC Looking solely at the daily chart, the lows keep moving higher. On the previous six pullbacks, the weekly support zone at 82,500–83,000 held each time, followed by a rebound. Now price has pulled back directly to the 84,500–85,000 zone, with the lows continuing to rise.
Looking at the altcoin market, $HYPE was the first to rebound, and it looks like it may be about to make a new high again. $ZEC found short-term support near 1,300. These two altcoins can be seen as market bellwethers: whenever a consolidation is nearing its end, they are usually the first to make a move, whether up or down.
Looking at overseas markets, U.S. stocks hit another record high last night, while Japanese and South Korean stocks rebounded sharply.
As for the macro environment, the odds of a Fed rate hike in October have fallen, and it is highly likely there will be no hike that month. On top of that, with the U.S. midterm elections approaching, U.S. stocks are likely to keep moving higher.
As for market sentiment, the vast majority of retail investors are waiting for a pullback, some have started calling for prices to fall below 60,000, and most people are bearish.
So, all things considered, I think the market will either continue higher after consolidating its gains sideways, or pull back on the daily chart and then resume its climb. It may follow U.S. stocks and rally on expectations surrounding the U.S. midterm election narrative. In the fourth quarter of this year, we will most likely see BTC above $100,000.
Looking at the altcoin market, $HYPE was the first to rebound, and it looks like it may be about to make a new high again. $ZEC found short-term support near 1,300. These two altcoins can be seen as market bellwethers: whenever a consolidation is nearing its end, they are usually the first to make a move, whether up or down.
Looking at overseas markets, U.S. stocks hit another record high last night, while Japanese and South Korean stocks rebounded sharply.
As for the macro environment, the odds of a Fed rate hike in October have fallen, and it is highly likely there will be no hike that month. On top of that, with the U.S. midterm elections approaching, U.S. stocks are likely to keep moving higher.
As for market sentiment, the vast majority of retail investors are waiting for a pullback, some have started calling for prices to fall below 60,000, and most people are bearish.
So, all things considered, I think the market will either continue higher after consolidating its gains sideways, or pull back on the daily chart and then resume its climb. It may follow U.S. stocks and rally on expectations surrounding the U.S. midterm election narrative. In the fourth quarter of this year, we will most likely see BTC above $100,000.