Currently, Bitcoin has quickly returned to the psychological level of $100,000. According to economists at JPMorgan, in the next 6-12 months, the price of Bitcoin may rise to approximately $170,000. This growth is expected only after a full "shakeout" of traders leveraging large amounts in the market.

The report states that the cryptocurrency market has corrected nearly 20% from its recent highs, with the steepest decline occurring on October 10 amid record liquidations of perpetual futures—the largest in cryptocurrency history—followed by less significant liquidations on November 3.

The decline on November 3 was driven by a loss of investor confidence due to a Balancer exploit resulting in over $120 million in the decentralized finance sector, raising new concerns about protocol security.

However, despite the ongoing sell-offs, the company noted that the phase of reducing leverage in the perpetual futures market seems to have generally concluded. They observed that the ratio of open interest in Bitcoin perpetual futures to market capitalization has decreased from above-average levels to historical lows over several weeks, and that similar trends are evident in Ethereum markets. However, the reduction in leverage there has been less pronounced.

JPMorgan believes the current price of Bitcoin is approximately $68,000 below its fair value relative to gold, adjusted for volatility. All this indicates that, despite corrections, we should not lose optimism.

For the intraday strategy in the cryptocurrency market, I will continue to rely on any significant pullbacks in Bitcoin and Ethereum, anticipating the continuation of the bullish market in the medium term, which remains intact.

As for short-term trading, the strategy and conditions are described below.

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today if it reaches an entry point around $102,600, targeting a rise to $104,000. At approximately $104,000, I will exit my purchases and sell immediately on the pullback. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is in the zone above zero.

Scenario #2: Buying Bitcoin can also be considered from the lower boundary of $101,400 if there is no market reaction to its breakout back down towards levels of $102,500 and $104,000.

Sell Scenario

Scenario #1: I plan to sell Bitcoin today after reaching an entry point around $101,400, targeting a drop to $99,900. At approximately $99,900, I will exit my sales and buy immediately on the pullback. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario #2: Selling Bitcoin can also be considered from the upper boundary of $102,600 if there is no market reaction to its breakout back down towards levels of $101,400 and $99,900.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today when it reaches an entry point around $3,377, targeting a rise to $3,468. At approximately $3,468, I will exit my purchases and sell immediately on the pullback. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is in the zone above zero.

Scenario #2: Buying Ethereum can also be considered from the lower boundary of $3,336 if there is no market reaction to its breakout back down towards levels of $3,377 and $3,468.

Sell Scenario

Scenario #1: I plan to sell Ethereum today after reaching an entry point around $3,336, targeting a drop to $3,251. At approximately $3,251, I will exit my sales and buy immediately on the pullback. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario #2: Selling Ethereum can also be considered from the upper boundary of $3,377 if there is no market reaction to its breakout back down towards levels of $3,336 and $3,251.