Justin Sun Of Tron: Bull Market Is Not Over And Will Resume Soon

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Last Updated on 24 May 2021 by CryptoTips.eu

The cryptocurrency market has been in the red for days on end now and there are no clear signs of sustained recovery yet. Bitcoin has been ranging between below $40,000 and has even gone below $33,000. This is even worse for altcoins, many of which have lost more than 50% of their value.

While this has made some investors, traders and crypto holders lose hope in the short term performance of the market, TRON Founder and CEO Justin Sun says the bull market which started earlier this year is not yet over. In a tweet, he said the market is in a period of bull market adjustment.

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Bull run will return by July or August

The current market pullback is the longest so far since the year began. Apparently, Sun expects the situation to linger for a few months, thus the expectation that the bullish trend will return in July or August. Like him, other crypto influencers also believe that this pullback may last for a while and is a healthy adjustment for a healthy upward movement again.

Mike Novogratz, the CEO of Galaxy Digital is one of those who believe the bearish trend is temporary. In a recent video, he explained that the current volatility which has mostly taken the market downwards:

Isn’t a knockout… only a knockdown.

He adds that this is a confidence building process and owners of cryptocurrencies should hold onto their assets and seek to acquire more while the price is still low.

An opportunity to build

Most cryptocurrencies have surged several hundred percent in 2021. Dogecoin for example has been up more than 2000% since January. Investors who missed that bullrun may have been wondering when they will have another opportunity to get in. While more experienced crypto investors would consider this period an opportunity to invest, there have been many sellers instead of buyers.

Binance CEO Changpeng Zhao says those who are selling their assets now will FOMO back in later when the bull market returns as Sun predicts. Generally, crypto influencers are positive that the market will bounce back, although they may not be absolutely sure when it will happen. However, top investors such as Michael Saylor of MicroStrategy have bought more Bitcoin while the wait for the trend to reverse.