Chinese KOLs Still Bullish after Market Collapsed

Bitcoin, whose price rose from $20000 to $40000 in 23 days, ushered in a wave of price withdrawal.

On January 11, BTC’s opening price fell from $39674 to $32500, a short-term price dump of 18%. The whole crypto asset market fell at the same time, and the price of mainstream assets such as Eth and BCH all fell by about 20%.

At present, although the whole market has experienced a wave of correction, it remains at a high price level as a whole. Most Chinese KOLs believe that the market dump is “part of the bull market rhythm.”. He reminded investors not to use leverage, just hold the spot, avoiding missing the bull market due to lose the positions.

Jiang Zhuoer, the founder of BTC.com, believes that the current round of dump belongs to the “a part of bull market “.

“If the price remains at a high level all the time, it will be more destructive to the market and may interrupt the bull market rhythm. “

According to his statistics, the average dump of this round of bull market is only half of that of the previous round, which may be due to the sharp decline of BTC volatility, or it may be because the negative driven decline of the last round of bull market has not occurred.

In Jiang’s view, the downward market is a healthy correction, and the bull market has not gone far. “In every round of collapse, there are a lot of gamblers, and their blood is the rocket fuel for the bull market to rise further.

At present, the market is still in a state of shock, the market changes are complicated, and the K-line trend fluctuates violently. Some professional traders suggested that ordinary investors should avoid leverage and contract operation to reduce risk as much as possible.

“High and sustained market heat can be seen from the MVRV chart, which is the standardized ratio of market value and its real value. We can see that the Z value is close to the red line, although it has not yet arrived, but the callback is sooner or later”

William, chief researcher of OKEx research, analyzes the reasons for the dump from another perspective. William believes that the reason for the sharp fall of bitcoin this time is that the main force of bitcoin market has undergone structural changes, from the original institutional investors to small and medium investors.

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