In my opinion, although there is a deep correction in the current bitcoin price, fundamentally Bitcoin has not yet entered a bearish phase. Moreover, in recent weeks bitcoin market cap has not experienced a significant slump. The current selling action that makes the price of bitcoin plummet because it is dominated by new investors, not old investors. However, if you look at the on-chain structure, it seems that bitcoin price recovery is unlikely to happen quickly and will take the next few months.
yes bitcoin has not entered a bearish phase but the price decline that occurred a few days ago could be an early indication that a bearish phase is imminent. bitcoin price fell very deeply in just one day and until now the bitcoin price has not shown any signs of recovering, of course this will make new investors or old investors feel worried.
currently the market condition is in a stable phase, meaning that it is not in a bearish phase or a bull run phase.
Of course, conditions like this make many investors feel confused because no one knows after this the bitcoin price will be in a bullish phase or a bull run phase.
the steady phase makes investors think for a long time to buy or wait for another drop, but usually it goes down a bit and then starts a sharp bullrun so bitcoin can re-break $52k or $53k. After the incident, many investors were disappointed not to buy and hoped that bitcoin could be corrected but time did not repeat itself.