Blockchain Wave Report:
It appears that speculative trading remains somewhat impatient at present. Considering the recent minor rebound before the accelerated market decline, BTC is currently consolidating in a pattern of ascending and descending triangles, suggesting potential symmetrical triangle convergence.
Therefore, the optimal trading opportunity lies in awaiting a breakout from this consolidation pattern. Any trading before this breakout is considered premature and should use signals for entry on the right side as stop-loss signals on the left.
Breaking through this morning’s 4-hour low, the next target is the daily low level of 56,500. This trend structure is promising because secondary bearish waves in bull markets typically have defined timeframes. For instance, in the last bull market, the decline from the second sell-off at 59,000 to the bottom at 28,000 took approximately 40 days. Currently, it has been close to a month.
The current outlook suggests oscillation. Personally, I recommend observing rather than participating in this tug-of-war between bulls and bears, as the market lacks clear direction. However, volatility remains high, indicating that this consolidative oscillation may be a continuation or reversal pattern, potentially leading to a larger trend in the future. Patience is key here!
Reflecting on the present, I find myself reminiscing about the 2021 bull market, marked by the rise of DeFi and the emergence of NFTs, introducing new funding models and narrative concepts. Each day, I witness the rapid evolution of this industry.
Looking back at this bull market, the term “bull market” itself seems somewhat inappropriate. Tokens and memes can hardly match the innovative spirit of past bull markets. The only notable narrative seems to be the traditional finance sector’s acceptance of BTC.
However, any market momentum generated by ETFs is transient. As long as ETF inflows fail to exceed $100 million, the market may opt for oscillation or decline. This is in stark contrast to the prolonged bullish trend that followed the introduction of gold ETFs.
Even the halving event, once anticipated, now seems awkwardly timed as the supposed cycles of bullish sentiment are increasingly questioned over time:
Is this really a bull market?
Where did it go wrong?
Is this market still driven more by speculation than innovation?
Can cryptocurrencies truly achieve their ultimate value through sustainable profitability?
