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Recent market decline is just a jolt ahead of potential bullish continuation

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lupafilotaxia
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last monthSteemit2 min read

The pullbacks that in recent days have developed the price action in the major cryptocurrencies by market capitalization has been interpreted as a shakeout before potential bullish continuation.

In an article reported by Ciaran Lyons for news portal Cointelegraph has mentioned that, “Bitcoin, Ether and the overall altcoin market experienced a dip after U.S. jobs data beat expectations on June 7. However, traders believe that this is a brief “shakeout” before the uptrend continues."

On the other hand, the aforementioned article also reads the following, “the summary report on the U.S. employment situation revealed a larger-than-expected increase in jobs, contradicting crypto analysts' predictions that a weaker jobs report would pressure the decision to lower inflation, and Bitcoin would hit new highs as a result”

In this regard and according to Markus Thielen current head of Research at 10x Research, “The U.S. employment data was mixed, with the unemployment rate rising to 4.0%, but an upside surprise in the number of jobs added. This was entirely due to an increase in part-time workers."

Finally, some traders also commented that the market peak is far away and suggested viewing the market decline as a buying opportunity. “The real bull market has yet to begin,” stated crypto trader Kaleo in a post published on June 7 on X.

SOURCES CONSULTED

Cointelegraph. Crypto market tumble seen as quick shakeout, traders expect ‘bullish’ rebound. Link

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph

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