Cryptocurrency traders believe that the recent market downturn is just a “shakeout” and there is a “bullish continuation” on the horizon.
Bitcoin (BTC), Ethereum (ETH), and the broader altcoin market tumbled after United States employment data exceeded expectations on June 7. However, traders believe the downturn is just a brief “shakeout” before the “bullish” trend continues.
“Strong sell-off into support. Alts suffered more,” pseudonymous crypto trader il Capo of Crypto declared to their 848,000 X followers on June 7. They added it “looks like a shakeout” — which is when a large number of investors sell-off at the same time usually due to uncertainty.
On the same day, the U.S. Employment Situation Summary Report revealed a higher-than-expected increase in jobs, contradicting crypto analysts’ predictions that a weaker employment report would put pressure on the decision to lower inflation, and Bitcoin would hit new highs as a result.