However, this round of bull market seems to be different from the past. Is this round of bull market the weakest bull market, or is it ready to go? What is the reason for the recent decline? Where is the turning point?

First, the expectation of interest rate cuts by the Federal Reserve has weakened, which has led to the increased sensitivity of cryptocurrencies as high-risk assets to macro monetary policy and market liquidity. The lack of expectations for loose monetary policy often hinders the start of a big bull market.

Secondly, the lack of innovation. The cryptocurrency market needs continuous technological innovation to promote new narratives and developments, but the current momentum in this regard seems to have weakened.

In addition, the halving of Bitcoin has also led to the intensification of long-short games. Each halving is accompanied by market pullbacks and shocks, as well as unclear upward trends. In the absence of new narratives, the market often needs to experience multiple declines and consolidations to find a better cornerstone and take-off point.

In a bear market, every decline may be a trap to lure the enemy in, and experts may step into the trap when they are bottom-fishing; in a bull market, every decline is an opportunity to get on the bus, but novices may miss the opportunity because of fear. Every decline in the bull market is for a better rise, but it should be noted that the last adjustment may trigger a cliff-like decline, which shows that the current decline is just a normal market shock and there is no need to worry too much. #新币挖矿 #美联储降息周期