The downward trend in BTC prices has started when Elon Musk issued a statement regarding the termination of Tesla payments using BTC, as well as the statement of the president of China who banned bitcoin miners in my opinion at that time, and we can see that bitcoin prices are getting weaker day by day and it can be said that the decline occurred now this is the beginning of the arrival of a bigger bear market later, now it is better for us to wait for the market price to really reach the bottom so that we can buy without fear the price will fall.
Tesla's announcement had a little short-term effect IMO but China ban is really a huge one. We are now experiencing a bear market because of those bad news and it's funny how easily the market flip because we are coming from a bull run, then suddenly a bearish market is what we are witnessing now. We might see worst than the current situation, just prepare for it as we don't know when the down trend will stop.
It looks like the downward trend will be prolonged after the rumors a few weeks ago from Tesla and the ban on miners from China to make the market a bear, on the other hand nothing can strengthen the market again after the previous bullrun and now just waiting for what trend what happens next, could this continue to be a bear market? the price is close to $ 30k and my reason is that if it has reached $ 20k it is possible that bitcoin will experience another prolonged crisis.