The current market is sluggish and the mood is generally flat. Many people ask, is the bull market still there? The answer is yes. The key to all this depends on the trend of Bitcoin (BTC).
Looking back three months ago, when BTC reached $64,000, the market sentiment was extremely optimistic, and some even predicted that it would rise to $100,000. Today, three months later, although the price is still $64,000, the sentiment has become: "Still falling, still falling..." To change this phenomenon, it may take another wave of declines to completely shatter the fantasy of altcoins, squeeze out the market bubble, and thus fall out of cost-effectiveness; or there needs to be sufficient liquidity entering the market for altcoins to rise again. At present, Bitcoin will be smashed down once it rises, which may be due to some miners selling. The current price makes it difficult for some small miners to survive. According to common sense, they should have cleared out unqualified or outdated miners long ago. However, due to the emergence of BRC-20 and Runes protocols, the on-chain handling fees were relatively optimistic some time ago, inadvertently extending the liquidation cycle.
When the miners are liquidated and a new round of computing power growth is achieved, the market will rise again and hit the $100,000 mark. I expect that the adjustment of Bitcoin will end around July and then gradually start to rise. Bitcoin cannot rise all the time, but it cannot fall all the time either. The current volatile market and market sentiment will still appear when the next bull market comes. Therefore, everyone can observe more now. What to observe? Observe the relationship between Bitcoin's volatility and altcoins. The macro economy, liquidity and market sentiment determine the price of Bitcoin, while the price and liquidity of Bitcoin determine the price of altcoins. Bitcoin will have opportunities to rise, and altcoins will definitely have them.
