TechFlow News — Sun Yuchen just posted on Weibo saying: Here's a small personal insight I'd like to share. In my view, the bull market has definitely not ended yet. This recent downturn is merely a correction within the ongoing bull run. I believe this adjustment will conclude in June, and a strong new bullish phase will surely resume in July and August. Below are my reasons—open for discussion:
1. The overall fundamental landscape of the crypto market is far stronger than it was in 2017 (with stablecoins, DeFi, Coinbase listing, etc.), yet the price gains of major cryptocurrencies remain relatively modest. Bitcoin, for example, has less than doubled from its previous all-time high, and most major altcoins haven't even reached new highs—far from a bubble bursting stage.
2. Judging by the four-year market cycle, we're currently in the later half of the mid-phase—not fully into the late stage yet. The massive Bitcoin surge that typically characterizes the final leg of a bull market hasn't occurred. On the contrary, Bitcoin has undergone an extended period of consolidation.
3. The pace of new project launches in crypto remains slow. Most major exchanges are listing new tokens at a very gradual rate, significantly slower compared to IPO issuance speed in traditional capital markets.
4. Stablecoin growth has been remarkable, providing substantial liquidity. Total stablecoin supply has now reached $100 billion, with Tron alone accounting for 30%—$30 billion.
5. A short-term sharp decline is actually beneficial—it quickly releases panic and fear. If things go as expected, a significant rebound in the short to medium term is imminent.
6. Regulatory concerns have already been priced in. In the short to medium term, we tend to overestimate the impact of regional regulations on crypto prices—a lesson clearly demonstrated in 2017.
7. The main trigger of this downturn was the consensus confusion caused by Elon Musk—very similar to the 2017 fork situation. However, Musk now recognizes internal conflicts offer no benefit and has started turning bullish again. Thus, the negative impact of short-term consensus disruption is fading.
8. The USD premium on Bitcoin remains明显, which is another positive signal.
Personally, I focus primarily on building projects rather than being a professional trader monitoring the market constantly. These are just my personal views—please don't treat them as financial investment advice.
