I still believe that the bull market is still going on!
From the perspective of Bitcoin's larger quarterly line, the last quarterly line has been supported, and the new quarterly line has just started. Therefore, I think there is little chance that Bitcoin will fall sharply (although retail investors have basically sold Bitcoin).
The recent panic index has fallen to a low point in nearly a year, and even reached an extremely panic level a few days ago. The continued panic has led to more people cutting their losses and leaving the market. Most people now believe that the bull market is over, especially in the altcoin market.
Recently, the most common statement heard is that Bitcoin has a double top, but the double top may also turn into a double bottom. Whether it is from the perspective of macroeconomic benefits, policy support or various technical indicators, it shows that the bull market is far from over.
Recently, unlocking information has become the focus of the market, but I always think that unlocking is not the core of the market trend. The market trend is dominated by market sentiment and trends. If the market improves, unlocking will also drive prices up, just like many altcoins in the first half of the year. The poor market conditions in the past few months have caused prices to fall even if they are not unlocked. Unlocking does not necessarily mean selling immediately, but the large-scale selling of retail investors has caused a sharp drop in the currencies unlocked on the same day. I think at least a large part of this situation is that retail investors are clearing their positions.
The number of altcoin holders and the amount of funds in this round are far greater than any previous cycle. Although altcoins have experienced a major wash-out for several months, many investors are now in a negative mood and are in a very bad mood facing the market decline.
I always believe that Ethereum will be the protagonist in the second half of the year. Holding Ethereum is my greatest belief and will not waver.
At present, I will maintain a neutral attitude to analyze, because insisting on a certain point of view now may be criticized a lot. But if you think the bull market is over, it is easiest to give up.
