Quote from: SmartGold01 on Today at 01:15:49 PM

Quote from: JayJuanGee on November 10, 2023, 02:52:41 PM

Quote from: Odohu on November 10, 2023, 02:10:07 PM

Quote from: Lidger on November 10, 2023, 12:57:07 PM

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.

You are correct sir

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.

I still think that whether we are in a bear market or a bull market might not be known until several months after we convert over from one to the other, so there is a bit of a lagging indication regarding where we might be, and people like to switch their tunes based on corrections or even temporary price runs, when the overall trend might be more difficult to really figure out until we are kind of far enough that we can say that "the top is in" or "the bottom is in."

And, with our current bottom of $15,479 in November 2022, it might have taken a bit of time to start to get confidence that "the bottom is in," and you can recall that we toyed with $28k to $32k for several times, before finally breaking through $32k in mid-October, but still at the same time, we might have already gotten confidence that "the bottom was in" by the time we had already started to spend quite a bit of time in the mid-to-upper $20ks and even the last time that we had BTC prices go below $20k was for a short correction in early March 2023.. so after that time the BTC price never really got below $24,500.. so we might have started to feel confidence that the $15,479 bottom of November 2022 was in, ven though we still got a dipping of the BTC price below $25k as late as mid-September 2023... so sometimes we cannot really be sure whether we are in a bear market or a bullmarket even though we start to have confidence that the bear market was over, which seems to be more clear to be attempting to describe those kind of uncertainties rather than flip flopping by saying that we are in a bull and then a bear and then a bull and then a bear .. all within less than a calendar year, and i have never really seen it to be convincing in bitcoin regarding when we might be able to call that a bull market or a bear market is in place... which largely just attempt to reflect on larger trends rather than re-describing where we are at based on smaller movements within the seemingly larger trends.

I am also not very excited when folks say that bitcoin has been in a bull market since it started, and even though that is technically true, it tends to gloss over what seems to be a so far historical pattern of a couple years up, then a couple years down or sideways and then a couple years up and then repeat repeat repeat..