Bitcoin surged to around $59,000 in the early hours of yesterday (11), then quickly rebounded and continued to rise, directly rebounding by 5 points. Early this morning, after reaching a high of $63,417, the price of Bitcoin began to oscillate within a range. At the time of writing, the price was $62,754, up 3.22% in the past 24 hours.

Daily chart analysisCandlestickBreaking directly through the pressure above 63,000, such a market usually needs a day to adjust today. It may form a doji candlestick pattern to allow retail investors to guess the direction. If it remains strong, it may start another rally in the evening or at night. Today's main operation is to wait for a pullback and then go long.

In terms of trading, it is right to either buy again below the previous six-thousand level or wait for a lower point. For short-term trading, the next selling point is around 64,000. For long-term holding, the view is to continue patiently waiting for lower entry points or for the establishment of reversal signals.

The different entry points do not conflict, entering at the lowest point range and tracking after a breakthrough reversal are both conservative forms of long-term strategy. Data-wise, Bitcoin's spot ETF had a net outflow of 0.12 billion USD yesterday, while Ethereum's spot ETF had a net inflow of 3.06 million USD. This data has limited short-term reference impact.

Will Bitcoin be able to stage an October rally amidst the golden autumn and silver October?

Data shows that in the past 11 years, there have been 9 instances of October increases, with a high increase probability of 82%. As a result, the crypto market often refers to October as 'Uptober'. However, after experiencing two drops in early October, market confidence in the bullish outlook for October is gradually weakening.

Nevertheless, I still believe that the probability of an upward trend in October remains high!

The US stock market index has risen, with the S&P 500 hitting new highs. Despite the lack of the same level of optimism in the crypto market and even testing the $60,000 level four times recently, as long as the $60,000 key level holds, I still have hope for the 'Uptober' trend.ResistanceAnd looking at the Bitcoin futures funding rate, the market still shows a bullish sentiment. Overall economic factors affecting the crypto market are shifting from monetary policy to the outcome of the US presidential election.

Capital inflows, stablecoin liquidity at the end of September continued to grow to a record $169 billion, increasing by 31% year-to-date (YTD). Tether's USDT still dominates, with its market cap increasing by $28 billion to nearly $120 billion, holding 71% market share.

As well as Circle's USDC, with its market cap increasing by $11 billion to $36 billion, a 44% increase YTD, holding 21% market share. The record number of US dollar stablecoins and the surge in large Bitcoin trades may lay the foundation for a broader BTC uptrend in the coming weeks, maintaining the bullish seasonality for the asset in October.

Recently, the Shanghai Stock Exchange experienced a crazy surge, leading to capital outflows in the cryptocurrency circle. However, after a brake was applied, the frenzy was gone. Last night, Bitcoin ETF saw a net inflow of $2.5 billion, indicating that funds are gradually returning to the cryptocurrency circle. The market is bound to reignite the bullish trend and regain momentum!

How long can meme coins last?

From the perspective of the subsequent market development, the fifth wave started after Bitcoin hit a second bottom on September 6. The third wave lasted for 6 months (September 12, 2023 - March 13, 2024), and the fifth wave coincides with a global loose cycle. It is estimated that the Federal Reserve will stop shrinking its balance sheet after March next year, and over 90% of the funds compensated by FTX will arrive in the first or second quarter of next year.

Therefore, the estimated duration of the fifth wave is unlikely to be less than 6 months. In that case, the peak of the Bitcoin bull market is estimated to be in March next year or later. In the previous two bull markets, the peak time for altcoins was about a month later than Bitcoin, but in this bull market, the peak time for altcoins in the third wave is basically consistent with Bitcoin. Therefore, the estimated peak time for altcoins in this bull market is also around March or later.

We are currently experiencing a bull market process without historical reference. The endpoint of this bull market is unknown, and the highlight moment of this bull market is also unpredictable. The logic of the 12-year bull market cycle has undoubtedly been broken, and the hellish experience has become everyone's reality.

Looking ahead, this circle is generally positive. Just like the Shanghai Stock Exchange, when the wind comes, it happens in an instant. Always full of anticipation.

Meme coins are currently on the rise! Focus on positioning these top meme coins

WIF

This year, the SOL chain has produced many meme tokens in the billion level, especially the incredible rise of Bome, which soared to the top in just three to six days, making some people rich.

Bonk is considered to be even earlier, already rising quite early, making it one of the older memes on Solana.

If we choose from the perspective of trading new instead of old, the memes under the Solana chain, the first being the new Bome, followed by WIF, and finally Bonk. However, in terms of market cap, WIF is over 2 billion, Bonk is over 1 billion, and Bome is over 0.4 billion. Personally, I tend to be more conservative and prefer higher market cap projects. Looking at the number of holders and profit-taking positions, Bome had more early profits and holdings. In the previous round, WIF did not have as many holdings and profits as Bome and Bonk.

Taking all these aspects into consideration, WIF seems to be a better choice.

Therefore, this is why it has been emphasized that in times of significant drops, WIF is the preferred choice due to its stability. This is the reason for allocating assets to WIF.

PEOPLE

PEOPLE, the unique American election/political-themed 'meme coin,' has been listed on a leading centralized exchange!

USA as the bloodline, capital assistance, with the core in the USA, harnessing the wisdom of American founders and the strong support of American capital, PEOPLE is poised for action!

Top exchange currencies, closely linked to the market's outstanding performance and the upcoming USA elections, PEOPLE has shown astonishingly relative strength during the election debates.