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.
yes, the recent price decline could be a sign that bitcoin will soon enter a bearish phase, but I think the recent price decline is a reasonable price decline and the price decline is the impact of price increases that have occurred since the beginning of the year. now the bitcoin price is slowly recovering and the bitcoin price is now back above $50k, i hope this condition will continue and there will be no more bull traps.