The high point of the last bull market was $69,000, and the false breakthrough was around $73,000, which made retail investors mistakenly believe that the bull market had arrived and attracted followers to buy. The dealer took advantage of retail investors to follow suit and locked up a large number of investors who had just entered the cryptocurrency circle. After being locked up, it fell sharply, and then repeatedly grinded at the new bottom. In the second half of 2024, the bull market will suddenly start again.
Today, Bitcoin took the lead in breaking through 63,000, and many copycats followed suit. At present, we can see that some funds have flowed out of ETFs. According to data, the overall net outflow is temporarily reported to be $83.6 million. This time, Bitcoin is unlikely to have an extreme cliff-cutting retracement. If it does, it will almost be giving money to Wall Street's spot ETFs. A single institution cannot smash the market very deeply, and the actions of multiple Wall Street institutions will not be very consistent. Institutions must buy on dips and fill the spot warehouse. Many will rush to buy, so it is difficult to smash it very low. With the funds of ETFs, the retracement after the halving this time should not be too extreme.
