The market is down but the uptrend is not over
Bitcoin's price action continues to decline, considering that in the last 24 hours the price has depreciated -2.4% and at the time of writing the price action was at $61,039. However, although the market is down, the uptrend is not over.
According to Ruslan Fakhrutdinov, "The next bullish rally in cryptocurrencies has already begun. One of the most significant differences compared to past cycles lies in the type of new investors entering the market."
Fakhrutdinov also referenced that, "Bitcoin exchange-traded funds (ETFs) effectively opened the door to broader participation by making it easier to buy a piece of the action, and Ethereum ETFs are widely expected to arrive soon."
Additionally he also mentioned Fakhrutdinov that, "Beginners often start by investing in the biggest names like Bitcoin and Ethereum. For the most part, you can invest in Bitcoin and wait at least six months before checking its price to see if it has grown enough to sell."
One element that caught attention is regarding, "There are three narratives that the average new user, with no impressive experience behind it, understands and qualitatively believes. The key is to discover the story behind each product. Innovation is at the forefront of this space because people in cryptocurrencies are innovative and constantly looking for something new."
SOURCES CONSULTED
Cointelegraph. 3 trends to think about before Bitcoin's bull run resumes. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
It looks like fundamental news has made technical analysis show several downward patterns but I doubt this will be for a long time since the people are hopeful for a bull run.