Although the price of bitcoin has fallen very deep from last year's ATH level, I don't think that bitcoin has lost its bullish momentum. From the first, negative sentiments about bitcoin have often occurred, causing the price of bitcoin to plummet. But the price is always going up even the bitcoin price is currently at $23k a few months ago it fell to the $18k-$17k area. Better to hold bitcoins for now and don't panic. I'm sure we'll see the market recover in the near future and bitcoin will be bullish again.
It did really lost its bullish momentum because bears have entered and currently we are still at it. There is a slight increase but too early to feel bullish as bull traps are still around the corner. It's possible for bitcoin to recover but I think it's wrong to say that it always go up because if it is then we shouldn't be in this low.
We have experienced a long time where the price is stable or stagnant and then it also drops. For those who bought at a much higher price then they should hodl their btc's but for those who bought when btc fell off to under 20k then its fine if they can sell some. Other than selling and hodling, buying should also not be forgotten.