Will Bitcoin (BTC) experience a new wave of upward trend as it consolidates at a high level?

The Future Prospects of Bitcoin Inscription (ORDI): How Long Can It Continue? If you want to huddle together for warmth, or if you have any doubts, Guan Zhugong's important account is: you want soft rice and hard food.11

The Future Prospects of Bitcoin Inscription (ORDI): How Long Can It Continue? If you want to huddle together for warmth, or if you have any doubts, Guan Zhugong's important account is: you want soft rice and hard food.

11.8 Viewpoints

Big cake:

The structure of Da Pi 1H can be seen as a temporary breakthrough center, but it is hindered by the upward trend pressure. If the market does not exceed 3.6W, it will still be in a volatile stage. Currently, funds are all on shanzhai, and it is difficult for Da Pi to exit the market before the funds return. In addition, the current market situation is driven by news. At present, we are looking at whether stepping back will break through the center of 1H. If not, we can continue to move upwards, and the short-term pressure is in the range of 35800-36000.

The structure of Dabing 15F is currently only running on the first 15F. Currently, it is expected to go through the second 15F pullback. If this pullback is not expected to occur too much, it will continue to rise from the third 15F. Look at the strength of the third 15F and see if it can break through the 3.6W position.

Aunt:

The structure of Aunt Taih 1H is relatively good overall. Let's see if the third stroke of 1H can support the edge and sprint to the position of 2000. After all, there is already a lot of time for Aunt Taih to make up for it. If we don't cherish it, it will be the passage of time that is not conducive to bulls in the future for Aunt Taih.

On Tuesday afternoon Eastern Time, Bitcoin briefly increased by nearly 3% to $35500, with Solana leading the way in the counterfeit currency market. Solana (SOL), Toncoin (TON), and Crypto.com ecosystem tokens (CRO) rose by 5% to 10% over the same period. With the rebound of the entire cryptocurrency market, the total market value of cryptocurrencies rebounded to $1.3 trillion, the highest level since May 2022.

According to Tradeview data, Bitcoin's dominant market value has declined from 54.3% at the end of October to 52.5%, indicating an increasing interest in counterfeit currency and sparking heated discussions about the possibility of the "counterfeit currency season".

Strong performance of mainstream counterfeit currencies

Some mainstream counterfeit coins have seen astonishing growth. For example, Ripple's XRP soared by nearly 10% in just one day, becoming the fourth largest cryptocurrency by market value, surpassing Coin An's BNB, after Ripple announced that it had obtained key licenses to operate and provide services in Georgia and Dubai.

Other well-known counterfeit coins, such as Cardano's ADA, Avalanche's AVAX, Dogecoin (DOGE), Chainlink's token (LINK), and UniSwap's token (UNI), have also shown positive trends, with daily gains reaching 5% to 6%. The BLUR token of Blur in the NFT market has also risen by 32% in just one day, doubling in the past month. The platform previously announced plans to air drop 300 million tokens on November 20th.

According to Blockchain Center data, 57% of the top 50 cryptocurrencies have outperformed Bitcoin in the past 30 days, and 33% have outperformed Bitcoin in the past 90 days. Although they are below the 75% threshold of the counterfeit currency season, it usually signifies the beginning of this phase. Investment consulting firm ByteTree also believes that the "counterfeit currency season" may be approaching. They adjusted their model investment portfolio, reduced the weight of Bitcoin, and added counterfeit coins such as NEAR tokens (NEAR), Stacks (STX), LINK, and XRP.

VanEck, a global investment management company, stated in a recent research report that high-quality counterfeit coins will "stand out" by 2024. VanEck provided a forecast for Solana prices, which simulated a scenario where SOL prices would reach $3211 in a bull market by 2030, an 80 fold increase from current prices.

Positive factors

The shift of investors towards risky assets is inseparable from changes in the macro environment. The Federal Reserve has suspended interest rate hikes, and the price of safe haven gold has dropped to its lowest level in three weeks. West Texas Intermediate Crude Oil (WTI) has plummeted by 4% to its lowest level since July. Investors turned to US treasury bond bonds for refuge, causing the yield of 10-year treasury bond to fall to 4.55%, the lowest level in six weeks. The S&P 500 index has reached 4383 points, the highest level in nearly seven weeks, exceeding expectations during the global economic slowdown.

Mini Shanzhai Coin Season?

A report from K33Research points out that as the price of Bitcoin continues to compress between $34000 and $36000, capital turning to counterfeit currency is creating a "mini counterfeit currency season".

This is reflected in the typical behavior in the cryptocurrency market, where traders take profits after a significant increase in BTC and then invest their funds in smaller and riskier tokens. Meanwhile, K33 points out that Bitcoin related funds are accelerating their inflow, providing support for BTC prices.

The indicator of counterfeit coin cycle signals tracked by Glassnode shows that in February and August, counterfeit coin cycle signals were observed to integrate with the accumulation of Bitcoin. Currently approaching 50.

This indicator is calculated using price data from the top 250 counterfeit coins (excluding stable coins) in the market value ranking, depicting the market's tendency to compare special coins or counterfeit coins. During the 'Bitcoin Season', Bitcoin often outperforms the counterfeit coin basket, while during the 'counterfeit coin season', the opposite is true. The counterfeit coin signal may indicate an upcoming stage where counterfeit coins begin to outperform Bitcoin, provided that the latter continues its accumulation trend.

It is difficult and almost impossible not to remain optimistic, "said VetleLunde, a senior analyst at K33." There are about nine weeks left until the results of Bitcoin's spot ETFs. November is another month that Bitcoin has actively accumulated. Once the news is confirmed, the funds in the market will undergo sector rotation and be reallocated to counterfeit coins

However, a cryptocurrency analyst stated that due to its dominant position in the Bitcoin (BTC) market, the counterfeit currency market may experience significant adjustments in the coming days. CryptoAnalyst has warned its 51000 fans on the X platform that the counterfeit coin market may fall by 30-60% in the "next few days". He pointed out that when Bitcoin's dominant position becomes oversold, it usually indicates that the counterfeit currency market has peaked.

In addition, CryptoAnalyst emphasizes that Bitcoin's dominant position in the 1 hour, 4 hour, and daily time ranges has become oversold. He claims that in the past, when Bitcoin's dominant position was oversold, the counterfeit currency market entered a stage of adjustment.

The Future Prospects of Bitcoin Inscription (ORDI): How Long Can It Continue?

Recently, the price of Bitcoin has risen from approximately $25000 to $35000 within a month, an increase of up to 29%. This has sparked a wave of excitement in the entire cryptocurrency market, and people eagerly welcomed the long-awaited bull market overnight.

The price trend of Bitcoin has attracted widespread attention, and this increase is very eye-catching.

The story starts at the end of 2021, when the Taprot upgrade introduced advanced scripting capabilities for isolation witnessing, which allowed Bitcoin to support complex data and protocols. This upgrade significantly enhances the programmability and scalability of Bitcoin, laying the foundation for the development of the BTC ecosystem. This laid the foundation for the ecosystem explosion in 2023.

The emergence of the Ordinals protocol has further promoted the development of the BTC ecosystem, and its adoption with Taprot promotes each other. People can write NFT data into an isolated witness extended space (4MB per block) through encoding.

Quickly, developers made improvements to Ordinals by incorporating token functions similar to ERC20 into BTC output scripts, resulting in the birth of BRC20.

The general public's attention to the BRC20 track inscription on Bitcoin has increased, mainly due to the sharp increase in Bitcoin prices or the promotion and discussion of this topic by friends around them. This has sparked many people's interest and made them want to participate.

Recently, the increase in Ordl has been very high, reaching four times, which has sparked many people's interest. Many people believe that this may be a wealth opportunity and consider whether to participate. However, I would like to propose some calm viewpoints for consideration: firstly, it is important to recognize that the market's popularity does not necessarily represent a certain opportunity. The high market heat may lead to short-term fluctuations, but it may also be accompanied by risks.

When hyping up cryptocurrency assets like Ordl, it is important to be careful, as most participants are retail investors and there is a risk of being trapped. Prudence and risk management are crucial in this field. Part of the reason why Bitcoin can remain stable is because it has a broader consensus and institutional support. However, the current consensus level of Ordl may not be as high, which means investors should be more vigilant.

If you have already made a profit, it may be a wise decision to close some positions in the short term. For those who have not yet entered, waiting for market adjustments may be safer, as this direction may be repeatedly hyped during bull markets. In trading, it is important to always remember a sentence: buy when no one is interested, sell when the crowd is boiling. This means buying when the market is sluggish and selling when the market is booming, so even if mistakes occur, there is a greater chance of profit.

The previous stage's price reached a maximum of $17, and then dropped back to around $2, a drop of up to 80%. If you can quickly accumulate wealth based solely on what you hear and hear, then entering when the price reaches its peak, I believe only a very few people can withstand this kind of fluctuation. Therefore, I would like to remind you that if you cannot withstand price fluctuations of more than 50%, it is recommended not to participate in the short term.

We need to objectively and rationally judge the market situation. Once an asset goes online on an exchange, the market will fully price it based on rational cognition, and short-term speculation may come to an end. Therefore, caution should be maintained when investing.

Instead of pursuing current hot topics, it's better to lay out areas that may become hot in the future. Recently, An plans to launch an application with a scale of one billion.

Among them, the Ethereum second tier pledge field is most likely to trigger market heat. If Mouan's products can solve the problem of peripheral entry and cleverly integrate exchanges with the Dapp ecosystem, then this field will become the next hot topic. After the next wave of Ethereum's main rise, the monetization effect of Ethereum's pledge will become a hot topic in the market with its popularity. Pay special attention to high-quality projects on pledged tracks such as SSV and LDO.