I say this phase has already begun. So, what do you guys have to say?
The falling pattern is very similar to 2018 falling pattern, just that it was unexpected that FTX customers fund misappropriation would be the cause of what we expected in November, but it happened and the price declined further, but just that bitcoin price did not fall much more, but many altcoins suffered significantly with most price fall. With what I think, the price of bitcoin has falled significantly from all-time-high, even if the price would declined further, it will not be significant which means it is advisable to buy now, or better just DCA. But to tell if the bear market is over, I do not know, but it is getting closer to bull time.
Totally agree. And I even add that the altcoin meltdown money is fleeing into Bitcoin as we speak. The capitulation of many altcoins is nothing new, it has happened several times before.
In fact, I believe that this happens because smart investors are on top of investing in the early stages of tokens\ altcoins launch and end up dumping their stash as soon as the coin hits an exchange. In the process, shitcoins get wrecked and the average joe believing in it gets smashed. The money gathered from the blow is then channelled in for the next blow while they channel part of it back to Bitcoin.