So looks like another bubble has popped and BTC is taking a nosedive dropping from 11600 to 9700 a mere 1900$ in 3 days. How long does a bear market normally last? I'm expecting atleast the full year, can it take longer?
This was not a bubble. Bitcoin actually hasn't moved up much since the start of the year. In fact we're still negative from the start of the year. Recovering from $9k to $12k barely classifies as a pump since the previous high was just $12k as well.
The reason why this dump happened was not because of any sort of profit takers or the bubble popping. There
wasn't one to begin with! Instead, it was mainly because people are worried about Binance and SEC's attitude towards exchanges.
What I'm seeing is a definitive dip that will probably last a while, could go down a bit lower in the meantime. But eventually people will stop panicking, realise that they've made a mistake by selling, and buy back, resulting in a recovery.