Despite writing this article, I must note that the Rare cryptocurrency has surged by 89% since yesterday.
When I think about cryptocurrencies, I increasingly feel that although the bull market's true peaks have not yet been reached, the market is being hit by so many negative influences that it is gradually flattening out. Cryptocurrencies are being attacked from all sides: legal actions, regulatory hurdles, and security threats are all too common. Although large investment firms are spending vast sums on Bitcoin, these continuous attacks and lawsuits are shaking people's trust. Even if trust hasn't completely eroded, people have become more cautious.
The uncertainty surrounding the cryptocurrency market is further exacerbated by war threats. The Ukrainian-Russian conflict has been ongoing for 2.5 years, and Iran and Iraq are also in a warlike situation. These geopolitical tensions, along with the potential for new pandemics, create constant stress. Analysts may monitor standard economic indicators like unemployment, but war fears and global uncertainties make the future of the cryptocurrency market hard to predict.
In such an environment, the cryptocurrency market hesitates to make any bold moves. Due to uncertainty and mistrust, the market acts cautiously and shyly. It may be that the current bull market will settle for the peaks reached so far. People are reluctant to invest large sums, fearing what might happen if the situation worsens.
I don't see any sign that would reverse this trend unless people suddenly start buying frantically to avoid missing out on a big upswing. The cryptocurrency market, hiding behind caution and mistrust, doesn't show the strength needed to break out of this state. In the upcoming period, we might have to be content with the current peaks and wait for a real recovery.
As I mentioned, the Rare cryptocurrency has risen by 89% in one day, and some cryptocurrencies have increased by 20-30%. The market does experience occasional surges, with certain cryptocurrencies breaking out for a day or two. However, these characteristics merely color the slow flattening trend that I observe.
So, the conclusion we can draw is the following:
There was a significant peak that fell short of expectations, and since then, the price charts have been flattening, while a few cryptocurrencies show strong breakouts over a day or two.
What can be expected, humorously put, is the usual: price decrease, sideways movement, or increase.
Good luck and wise decisions to everyone in the cryptocurrency markets! (This is not investment advice, just personal opinion.)
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