Although there are uncertainties in the macroeconomic environment, BTC is expected to rise in the next few months. We remain optimistic about the market#Cryptocurrency#Bitcoin #Macro
The recent SEC lawsuit against Binance and the identification of multiple tokens as securities has led to a sell-off of altcoins and panic in the market. But I think the market may have taken over the bottom near the end, as funds are flowing from altcoins to BTC and ETH, and the market has entered a consolidation period. Many altcoins have returned to their lows before January this year, and some have even fallen below their lowest point in November last year.
Unlike the FTX incident last year, the current Binance monitoring inspections do not show a large amount of user funds. The worst case scenario may be that Binance closes the US site, so the impact on the market will be smaller than it was then. Considering that the altcoin has fallen back to the previous low, there is limited room for further decline, and we may be close to the bottom!
Excluding BTC and ETH, the total market value of other cryptocurrencies has fallen to the level after the FTX incident in November last year.
Relatively speaking, the prices of BTC and ETH are strong, with an increase of about 50% from the beginning of this year to today, showing that big funds still have high confidence in the market. The funds of altcoins may not have flowed out of the market, but turned to BTC and ETH. Summary: Looking forward to the second half of the year, despite the uncertainty of the macro environment, BTC is expected to rise. Altcoins have fallen back, funds have flowed to BTC and ETH, and the market may have completed the bottoming out. I am still optimistic about BTC's performance in the second half of the year