Justin Sun, founder of Tron (TRX), comments on the ongoing crypto bull run in a new interview-and reveals why he thinks Dogecoin (DOGE) is the “people’s cryptocurrency.”
Sun: Bull run will continue in July
More and more industry participants are optimistic that Bitcoin will resume its upward trend in the foreseeable future. Just now, the inventor of the Bitcoin stock-To-flow model, PlanB, reiterated that BTC is still on its way to six-figure prices. And in a new Interview with Bloomberg, Tron founder Justin Sun emphasizes a similarly bullish assessment: he predicts that the bull run on crypto markets will continue in July and August.
The BitTorrent CEO:
“I believe that June is just a price adjustment and we will see a bull market in July and August. I still believe that the bull market is still there and we will continue to see developments of cryptocurrencies.”
According to Sun, the recent correction in crypto markets is largely due to the fact that Bitcoin has been rising throughout the year. According to the crypto entrepreneur, there must be appropriate “adjustments” at the right time – presumably meant corrections.
The native Chinese is also convinced that the crypto-critical attitude of his home country could ultimately have less strong effects than is commonly assumed. Sun:
“I think China’s recent news about crypto is very important. But I want to emphasize that there is no single person or factor that can control the market.”
While China would probably try to regulate cryptocurrencies more strictly. However, the industry will still grow in China. For example, according to Sun, many jobs would be associated with crypto, which is why he cautiously rules out any harsh, sudden action by the government.
Last but not least, Sun’s comments about the joke cryptocurrency Dogecoin (DOGE). The crypto enthusiast calls them the “cryptocurrency of the people” , as thousands of retail investors have pushed the price upwards together:
“I believe in Dogecoin. I think he has the same vibe as GME did about a quarter of a year ago. So this is the people’s cryptocurrency. You don’t want to hear the analyses of professional Wall Street investment banks. They only want to trade based on their own decisions.”
Fear at record level
Other analysts also share Justin Sun’s view that Bitcoin’s upward trend is not over, such as the pseudonymous industry observer PlanB, top-on-chain analyst Willy Woo or macro expert Alex Krüger.
Krüger is currently commenting on Twitter: The “Crypto Fear and Greed Index” (a tool that reflects market sentiment) has dropped to a level not seen since the outbreak of the corona pandemic in 2020. At the time, Bitcoin crashed, but subsequently recovered legendarily and rose to highs of over $60,000 over the next few months.
Krüger confirmed: As much anxiety as the markets are currently seeing has often been followed by a massive increase in the past. analyst:
“When the Crypto Fear & Greed Index falls so low, a strong rally often follows. The index is now as low as the day after Black Thursday in 2020.”
When the Crypto Fear & Greed Index gets this low, a strong rally often follows. The index is now as low as is was the day after Black Thursday in 2020. pic.twitter.com/Y7KjV5rL8l
— Alex Krüger (@jug macro) May 31, 2021
The next few weeks should show whether the bullish forecasts are actually true.
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