Judging from the weekly trend of Ethereum, this is the third consecutive week of its decline. If Ethereum is struggling, the situation of those "copycat" cryptocurrencies is even more difficult. Many of them have returned to their lows or even created new historical lows. However, against this background, a rebound seems to be in sight. We expect good opportunities in the market in the second half of June!
As you all know, our community is closely connected to the Nasdaq index in the United States. Now that the Nasdaq index has hit a new high, I believe Bitcoin will follow suit and reach new heights. In terms of time cycles, it has been nearly two months since the Bitcoin halving on April 19. History tells us that after the Bitcoin halving, the real bull market will kick off. In addition, the Federal Reserve will definitely cut interest rates this year, and the market expects it to be in September, which also provides us with opportunities for speculation. Moreover, the US presidential election has made cryptocurrency projects an important part of the competition, which has undoubtedly brought a lot of publicity to the market. There is also good news on the Ethereum ETF, and further progress is expected this summer. All these signals are telling us that the difficult days are about to pass, and the next month will be full of money-making opportunities.
Let's talk about the market. TON has recently hit a new all-time high again, currently around $8.1. According to OKX data, it has risen 10 times from the bottom, and has also risen nearly four times since BN went online. Even when the overall market is falling, there are always some varieties that can rise against the trend. In fact, each cryptocurrency project has its own cyclicality. Just like the previous OKB rose all the way in the bear market, it was because some bad news about BNB promoted the development of OKX. At that time, BNB also fluctuated and adjusted in the range of 200 to 300 US dollars for a long time.
What I want to say is that each project has its own rhythm. Don't rush to change your position just because you see other projects rising. Maybe the project you are holding is about to usher in its spring. It's just a matter of time. After Bitcoin rises, Ethereum rises, mainstream coins take over, and then it's the turn of those "copycat" coins to take off. After the whole cycle is over, the market will enter a new stage. At present, we are in the second stage of hype, so please be patient, don't blindly chase the rise and fall, hold on to your chips, and wait for the opportunity to come!
Bitcoin is currently hovering around $66,000 and has not yet received effective support. Next, we need to continue to observe its trend. If it effectively falls below $66,000 within 4 hours, it may continue to fall and look for new support points. But if it can hold this price, it may enter a period of shock adjustment.
Simply put, the current market is like a spring ready to go. Judging from the monthly trend of Bitcoin, the bull market is still obvious. At present, it has only made some adjustments near the new high to clean up the profit-taking and prepare for the next wave of rise. Looking back at history, Bitcoin has experienced similar adjustments before the bull market in 2017 and the second wave of the main rise in 2020. So, we don't have to worry too much.
For those "copycat" coins, learn to delay the enjoyment. Although the siphon effect of the big cake still exists, the hot outbreak of "copycat" coins is also brewing. It's just that with the change of the cycle, these outbreak points may be delayed. There are many leeks and coins in the market now, and the main players are also waiting for opportunities by washing the market. Once the time is right, they will take advantage of the situation to launch.
Finally, I want to say that it is very important to maintain a positive attitude. There are many pessimistic voices in the market now, but often the more these voices there are, the more successful the main force is in washing the market. Moreover, there are so many positive factors supporting the market in the future, such as the progress of Ethereum ETF, the Prague Summit, the Fed's interest rate cut expectations, and the positive news on the US election on cryptocurrency policies. These will push the market into the second half of the bull market. So, please keep your confidence and wait for the arrival of the wind!
An early evangelist in the cryptocurrency circle, he has personally established an investment research team for 8 years. In the bull market, he shares his ideas on spot coin hoarding and rolling strategies with fans for free. Hundred-fold coin selection, join us and don't miss out in the bull market!
