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.
I think that you make a good point, at least in regards to clarifying that we should be able to consider that the move from $69k to $15,479 can be constituted as a bear market, so then one of the questions becomes whether or not we are yet out of the bear market.. .and 1) is the bottom in or 2) are we going to bounce around the bottom (even if higher than the bottom) for long enough that we can confirm that the bear market is not over.
I am not going to proclaim to know the answers to these questions, even though my sense was that the chances were pretty good that the bear market was over when we got above $25k and pretty much stayed above $25k since mid-March 2023.. and yeah, it is not 100% clear while we are in our various price moves whether we are still in the bear market or if it really is over or not... and we can ONLY become more assured that it is over when we are looking back historically regarding what happened and then attempt to label the parts in a historical (more of a full-picture) context.
I really get irritated by some of the attempts to apply traditional definitions of "what is a bear market" and "what is a bull market" and some of the patronizing bullshit that sometimes seems to come when attempting to prematurely label bitcoin markets as bull or bear merely because it fits some kind of a definition that might apply to mature markets or markets generally and blah blah blah..
Now if there is an accounting for the paradigm-shifting nature of bitcoin and/or an accounting for that we are very likely on an exponential adoption s-curve, then surely I would be more receptive for accounts that consider those kinds of particular and real-world bitcoin dynamics.
Seems the bear market is likely going soonest. Congratulations in advance to those who bought low and those hodling for a long time. There is likely going to be a new all time high to be achieved before this year comes to an end. If you can, fill up your bag but do your own research.
What do you all think about the sudden bounce back and price increase on Bitcoin of lately?
The eyes of the investors are raised once again after seeing the current position of the market. Because the market position is not very good at present as we have seen Bitcoin price rise a lot a few days back due to which we have a kind of peace in our mind. But a few days ago we saw the market was $30k dollars but later this month the price of Bitcoin came down to full bear market. Although right now we can see Bitcoin price touching $24k there is definitely enough time for us to buy. If we hold on to this market for a long period of time, we will definitely have a lot of profit potential later on. However, the Bitcoin market will not stay in this position forever, it is always on the ups and downs, we know that and we have to accept it. As various experts have researched Bitcoin price is likely to move to a better position soon. We think the bull market will return to Bitcoin right after the Bitcoin halving in the next year. I think the price of Bitcoin will rise again in a few days and it is likely to go into the new year in a good position.
We will see that, be happy, the Bitcoin market today was hit by a
negative sentiment and became a
bearish sentiment again after some time before recovering a few months, the candle in September had been confirmed to be a red candle.
Next month gives a better moment to Bitcoin, and the right distance to save Bitcoin to Halving Bitcoin in this cycle, I am very waiting for it.
For predictions of a few days, it is more sideway and below, and that will definitely happen,
maybe this sentiment will push the price of Bitcoin to the level of $ 24K- $ 23k back in the next few days before Bitcoin does it back up.
Personally, I think that sentiment is a dumb thing to measure or to give very many shits about, even though sentiment might make some kind of a material difference on the margins, it is likely not a very good way for any long-term bitcoin investor to figure out what to do or what not to do in regards to their own bitcoin stackenings.
TLDR: Fuck sentiment