The recent surge in BTC to the $35k region has led many to believe that the bull market is back. Some analysts believe this is just the effect of historical October patterns, and we may see a significant pullback for accumulation and liquidity purposes before the bull season kicks off. I'm confused, which is why I'm here. What's your opinion, fellow traders?"
I don't think we are starting to see the bull season. Yes, bitcoin price is gaining a good position but it also happens when the market is having a correction. Later, we will witness bitcoin price going down again and that's normal. However, the only reason I can really tell when the bull season has really started is when majority of the coins are bullish in price, and not just bitcoin. Remember, that if bitcoin goes to the moon, other high potential crypto coins also go the moon, but I'm still not seeing this at the moment. That's why I'm not convinced that we are starting to witness a bull season.
Nevertheless, the one we are seeing now is due to the effect of the fake etf approval. But most probably when its already confirmed, for sure bitcoin price will skyrocket once again, and we might expect a bull run as earlier than what we expected.
Naaah I don't know why forks just take any sharp market outcome to define a trends, Bitcoin market doesn't works that way, because the bitcoin volatile nature have made it hard for anyone to speculate base on short term market behaviours and so on, if and before you make such an assumption, you first of all take some things into considerations and try to build a balance ground between time and make movement.
To declare any market cycle, one need to first of all take time and date into considerations, in the sense that, you have to note the bitcoin 3 to 6 mounts cycle to declare a trends, so any short term market behaviours such as the present bitcoin price shouldn't be taken to mean anything significant such as declaring a bull market were we just hard a market uptrend reaction.