Many people in the circle are asking me if the cryptocurrency market is currently in a bull market?
Then I will tell you that it is a bull market.
1️⃣ The trading volume in the cryptocurrency market has been sluggish for the past few months, and the sentiment has been repeatedly washed out, remaining in a low valley.
2️⃣ Any increase is coincidental and lacks sustainability, which is clearly not a bull market.
3️⃣ The overall environment of the financial market is actually not good. Besides the 'Magnificent Seven' of US stocks stopping their rampant rise, Japan is raising interest rates, and the yen carry trade game is also coming to an end.
Also, let's not forget,
It has only been about four months since the Black Monday on 8.5. If there are any further issues with yen arbitrage, another Black Trading Day could strike again.
Overall, the cryptocurrency market is currently testing a tentative recovery due to the Federal Reserve's interest rate cut in September. It is hard to say how long this recovery trend will last. After this wave of increases, remember to take some profits and wait for a pullback to enter again. I will remind everyone in my group⏰!
In the long run, the second half of the bull market is starting, while in the short run, it may shine briefly in the next few days before continuing to wash out. I believe the bull market is still here. It will continue until next year.