The Bitcoin market is bullish now so after you invest in Bitcoin the price of Bitcoin may have increased a bit for which you think you may have made a profit as you invested but this profit is temporary.
It is quite exciting seeing some gains in the market but I think it is too early to conclude that we are in a bullish market. There still chances of this being a bull trap. A lot of theories have been postulated as to why the market is rising, some believe it is rumors of Bitcoin ETF approval while some believe it is as a result of Ordinals, that is NFTs on the Bitcoin Network. If the former is true and Bitcoin ETF did not see the light of day at least for now, the market might dropped drastically even though we don't know the extent to which the drop will be but surely the market will respond accordingly. This will confirm that we are really still far from being in a bull market as many things are still hanging in the balance. As we approach Q1 of 2024, a lot of things will become clear.
Nevertheless, the wise thing to do now is to continue to collect Bitcoin with whatever method you are using because the bull market will eventually come even though we are not certain when it will happen. In line with the topic of the thread, "Buy the DIP, and HODL"
I don't really like the idea of flip-flopping back and forth from we are in a bear market or we are in a bull market, and so sure, you may be correct Odohu that the bull market has not been confirmed yet, but I doubt that you are correct that we are not in a bull market. Almost always there are corrections along the way, but that does not take us out of the bull market, unless maybe we go back to test the bottom such as $15,479 or maybe even getting below $20k or something like that.
Sure, you are free to talk about these markets as if they are flip flopping, but I doubt it brings vary much clarity to frame them in that kind of way.
So if we look at our current situation, we had a low of $15,479 in November 2022, and so the BTC price has been moving up ever since then with several corrections along the way, and yeah, the mere fact that we went from the most recent local low of $24,920 in early September to our current high of $37,978, it does seem to appear that we could have some pretty severe corrections from here that could even go back down to the local low and maybe even lower, but surely a decent amount of space has been created between the two, and perhaps it will be difficult to get back down to that September low of $24,920, and maybe getting back below $30k might also be difficult, even though we surely are not very far away from $30k.. but even having had said all of that, sometimes in bitcoin's historical price performance, it does not go back to those previous prices, so if we end up getting more UP before down, then it could contribute to some difficulties in getting back to those kinds of lower prices such as either below $30k or below or touching upon the
200-week moving average which currently is at $28,622.
Yes, we know that the BTC price can go either way, and the BTC price is especially vulnerable to a deep correction when it has gone up quite a bit in a short period of time, but I doubt that means that we would be flip flopping from bear to bull and then back to bear.. when maybe we might be getting caught into semantics a bit in terms of trying to describe where we are at and what is the current trend.
From the market direction it has proven and broken all indications that we are no longer in bear or having to say from Odohu that we are going to witnessed any dip currently, even though there will be, it could just be a market correct which I know won't go below $29k if at all it would go... This is not possible even though we can say that BTC is highly volatile but that doesn't mean that is a flip flop, there could be a little sideways movements but this won't entirely affect or effects the entire direction of bitcoin price to start dipping down in a way to go against its principle as they said " That we have the Bull and Bear season" Which we are currently on the bull run compared to where the price was right in the beginning of this year or do I say last year yet the market didn't disobey its principle.
It can be tempting for the price but there isn't a way the price would go against how its designed and configured, even though there are any kind of news that may hit the market so hard but that doesn't mean it would instantaneously changes its direction to bear sign or having to go below $29k although any thing is possible over here but with the fate and believe I have so far in bitcoin progression and the history never seized to repeat itself.