Justin Sun, founder of Tron (TRX), believes that the crypto bull market is still intact and that a new rally is just around the corner.
In an interview with Bloomberg, Sun predicts that there will be a “price adjustment” in June before a rally is experienced in the two months thereafter.
“I believe June is just a price adjustment and we will see bull markets in July and August. I still believe the bull market is still there and we will continue to see developments of cryptocurrency.”
The Tron founder argues that the recent downturn in the crypto markets is just a correction that is necessary after a rally.
“I believe the adjustment of the crypto market, most of the reason is because it has been up for the whole year. I think we need to see some adjustments come in the right time.”
Sun adds that Chinas crackdown on cryptocurrencies will not succeed due to the decentralized nature of the industry.
“I think Chinas recent news about crypto is very important. But I want to emphasize there is no single person or factor that can control the market.”
The Tron founder adds that the economic opportunities presented by the space will complicate Chinas anti-crypto agenda.
“I believe, even today, China is trying to put more strict regulations on crypto. But still crypto is going to grow in China like in most countries, because right now, crypto in China also has a high interest tied to the local government, tied to lots of the people‘s jobs in China. So I don’t think China can crackdown on crypto overnight.”
Regarding Dogecoin (DOGE), Sun likens the meme coin to video game retailer Gamestops (GME) stock whose rally was driven by retail traders who defied the experts.
“I believe in Dogecoin. I think these have the same sentiments like GME back like a quarter ago. So this is the people‘s crypto. They don’t want to hear about the analysis of professional Wall Street investment banks. They just want to trade on their own decisions.”