Wall Street is frantically scanning the OTC market for Bitcoin, but it has already been shorted. This is simply jaw-dropping! The price of Bitcoin is pointing directly at 200,000. This is simply a carnival in the currency circle. However, amid this craze, Dogecoin is also rising crazily. Does this mean that the currency circle is about to reach a top?

Dogecoins such as Shib, Pepe and Meme have experienced astonishing recent gains, and the various doubling prices are dizzying. However, many veterans in the currency circle are alert to this phenomenon, because every time Dogecoin breaks out, it often means the end of the calf market. So, will it be the same this time? How should we respond?

While altcoins have certainly played the role of market terminator in the past, the current market environment is different. Wall Street funds are pouring in like a tide, and the major OTC accounts that institutions love have no coins to buy, which undoubtedly brings new variables to the market.

The OTC market is the abbreviation of over-the-counter market, which means that two institutions can negotiate prices privately and conduct transactions directly without conducting transactions on the exchange. Therefore, buying in the OTC market will not have an impact on the market, and institutions can adjust their positions more flexibly.

However, there is now no currency to buy in the OTC market, and institutions that want to increase their positions in Bitcoin can only purchase it through ETFs or exchanges. This will directly drive the price of Bitcoin upward. In fact, we can see ongoing outflows of Bitcoin from exchanges, while buying remains strong. The giant whales did not start selling Bitcoin because the price rose, but continued to increase their positions. Whenever Bitcoin is thrown away, these institutions will swarm in and take the Bitcoin into their pockets.

Recently, TEDA, the parent company of USDT, issued another 1 billion USDT. These funds will undoubtedly flow into the currency circle and drive up the price of Bitcoin. We can observe that every time TEDA issues additional USDT, Bitcoin will most likely experience a wave of gains. Therefore, the current market is in a stage of rising prices and volume, and there is no shortage of funds.

Will Bitcoin be able to break through the previous high of 69,000 next? Once it breaks through, Bitcoin may explode to 75,000 or even 80,000! Then it will reach around 100,000-120,000 this year. However, until Bitcoin breaks out, we still need to remain cautious. After all, at the beginning of the 2020 bull market, Bitcoin also pulled back near its previous high.

At the same time, we cannot ignore the risks of the Dogecoin market. Although Dogecoins are extremely popular now, once the popularity subsides, these currencies will often end up being cut in half. Therefore, friends who already hold Dogecoin can consider taking profits in a timely manner and transferring funds to some relatively stable mainstream currencies. For those who have not entered the market yet, it is recommended to wait for the collapse of Dogecoin before buying the bottom.

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