Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Bear market likely over?
by
Odohu
on 11/09/2023, 14:19:50 UTC
⭐ Merited by JayJuanGee (1)
We can be fairly certain no reliable trend down is established, we have the lack of pattern if anything.  In spring there was a price channel and it was negative, but we broke out of that upwards.  Sadly it failed to go far, just past 30k but a failed move up is not what fits a bear market.   Some say any decline more then 20%, I dont find that too reliable.
Even though I am tempted to agree with you on this, I think it is fair we make some clarifications for the purpose of context. We have basically two major market conditions: bullish and bearish. Bullish market does not mean market will continue moving up forever and bear market does not mean market will continue doing down move forever.

Bitcoin dropping from ATH of $69k to around $17k does not require any sugar-coated statement but should be pointed out as bear market. Now that price have reluctantly recovered a little towards $26k  does not mean the bears have left the market.

I understand a lot of people just love hearing only nice things about the market that is why we delight so much in seeing the bullrun. Unknown to many is the fact that the bear market is actually where smart guys plan for the bullrun. Indeed, it is in bear market, such as we have now, that is good to buy Bitcoin rather than waiting to jump in during the bulllrun.