Are you guys not convinced that we're already on a bull market? the bottom for this year was $3,400 and we are still @ $8,100. It was moved up to $13,000 and that convinced everybody that we're on a bull market.
And right now that the market has plunged and bitcoin went lower, everyone seems to see this now as a bear market?
Bitcoin was trading at $3,000 USD not even a year ago, we're still way more than 100% up on the year, so I would say this is just a small correction that was to be expected.
If we drop further and further, then we should be wary that we could be going in to a bear cycle.
Exactly. We are down from that price which is still good even though the market is correcting now.