It has been almost three months since Bitcoin hit a record high on March 14. The probability of breaking a new high again this month is still very high. After all, the current position is only five points away from the historical high of 73777. Maybe it will be this week, maybe it will be today. After all, BNB has reached a new high, market sentiment has been ignited, and it is very likely that the dog market will take advantage of the opportunity to push up the price!
As BNB hits a new high, what deserves attention is not only the projects of BN ecosystem, but also the rotation of mainstream funds. Bitcoin has risen, Ethereum has risen, and after Ethereum rose, BNB began to exert its strength. SOL has also risen for a while, and the downward transmission is the old mainstream. Don't wait until the price rises to regret that you bought too little. Now is the time to make a bold layout, buy when there is a callback, and sell when it rises rapidly!
Market sentiment has been ignited, and the current bullish force is already in an advantageous stage, so even if there is a pullback, it is still an excellent opportunity to get on board! Looking at the funding rate, you can find that the funding rates of many varieties are currently long premiums, indicating that the market has sufficient funds for bottom-fishing!
STRK is a new hype target in the L2 sector, and I have gained a lot. Yesterday, I was reminded in time to eat a 10% increase! It is said that ZkS, one of the four kings, will also be airdropped on June 13. At that time, consider participating in the hype of this project!
You must pay attention to the three major favorable factors in June!
Market opportunities
The cryptocurrency market will continue to fluctuate in the short term. Judging from the data, Bitcoin (BTC) whales are still accumulating their holdings, and the Ethereum spot ETF is expected to be passed as early as June. The start of trading may drive up demand for Ethereum (ETH), which paints an optimistic picture for the long-term outlook in 2024.
In addition, as market direction speculation and volatility increase, the trading volume of derivatives may increase over time. Jag Kooner, head of derivatives at Bitfinex, said that the approval of the Ethereum spot ETF represents an important milestone for cryptocurrency. The increased liquidity and stability of institutional investment will make Ethereum a more attractive asset and may drive the price of Ethereum (ETH) to soar.
The impact of global economic factors
From a global economic perspective, the US tax payment has been completed, while China is injecting additional liquidity into the RMB. In addition, the European Central Bank (ECB) is expected to cut interest rates in June or July with inflation under control, while crude oil prices fell below $80 for the first time since February.
Marko Jurina, CEO of Jumper.Exchange, stressed that these factors have come together to create a market environment full of uncertainty, and that investor interest in the cryptocurrency market is expected to increase throughout the summer and that positive trends may emerge.
The impact of the election
In addition, there are two important elections in 2024 - the European Parliament elections and the US presidential elections, which are likely to have a significant impact on the cryptocurrency market.
With the European Parliament elections set to take place between June 6 and 9, and the US general election to take place on November 5 of this year, Bitfinex’s Jag Kooner stressed that this election is very important for the formulation of future legislation, including cryptocurrency policy.
Among them, the EU’s attitude towards the Regulation of Markets in Crypto Assets (MiCA) is to create a unified regulatory framework for cryptocurrencies across the EU and provide uniform legal clarity. The results of the election will determine the speed and positivity of the implementation of these regulations.
A more crypto-friendly Congress could speed up the passage of supportive regulations, boosting market confidence. Conversely, a shift toward more conservative policies could create new compliance challenges and uncertainty.
As for the US election, the competition for crypto voters has become increasingly fierce. This can be seen from the recent change in attitude of the US Securities and Exchange Commission (SEC). The market is already considering the potential impact that the two most popular candidates, Trump or Biden, may have on the cryptocurrency market after winning the upcoming US election, and hopes that a government that is more friendly to cryptocurrencies will eventually be elected.
Overall, there is great anticipation for June, with the approval of the Ethereum spot ETF, changes in global economic factors, and the impact of major elections all being important factors driving the cryptocurrency market towards a positive trend.
Get ready, the next few months are going to be exciting!
1. This round of Bitcoin's correction has officially ended. The monthly line has reached the rising support line and stabilized, starting the second round of upward attack, aiming for a historical high.
2. In the second half of Ethereum, with multiple favorable expectations (ETF, gradual prosperity of the ecosystem, the start of positive deflation, more and more staking tools and data, etc.), it will only get stronger, not weaker. Just keep waiting.
3. AI, games, social networking, MEME, public chains, staking, and wallets are still the main hype lines of this bull market narrative, and the rotation rhythm is still effective.
4. The general direction is upward, so there is no technical content in promoting coins now. The pullback and stabilization after the surge are the best points to get on board.
5. Don’t switch positions back and forth. The experience of multiple bull market cycles tells me that those who throw away the chips bought at the bottom and chase the rise and rise are often the ones who make the least money in the bull market, or even lose money.
Only when the wind comes will the banknotes dance.
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The article ends here. I will do a more detailed analysis in the circle. Gongzhonghao (The Attack of Mr. Krabs)
