Are we really back in the bear market? I saw an influencer shared this, and if it is actually true, then it is a confirmation that $BTC may enter $90k+ soon and may liquidate a lot of people that are already in the LONG position. What do you have to say concerning this?
There is no cause for alarm or big panic even as the market is showing some bearish momentum. The month of August has always been like this for bitcoin historically, only those that are not familiar with the historical price of bitcoin will panic at this point and want to sell their assets off or fear bitcoin going into the bear cycle. No doubts that many longs will be liquidated and analysis has it that bitcoin may go further low than this but breaking below $100K is what I’m not still certain of the market. There is a very strong support in that zone that cannot be easily taken off checking from the technical standpoint of the market now.
The remaining months left in this year, are still promising to make the market thrive for another ATH after all this is over. Just accept this as another consolidation of the market in a bearish trend, which will soon be over and the bullish trend will take over until the market eventually completes the bullish cycle and we head to the bearish cycle, the longest and bored cycle in bitcoin but yet an opportunity to start stacking for the next bull cycle to come up in four years time again.