With the recent downward movement of Bitcoin and other cryptocurrencies, investors are divided; some think the bear market is here, following the cryptocurrency cycle, while others think it is just a trap and the market will rally again.
Where do you stand? Is the recent downtrend just a mere retracement? Or the beginning of the bear market?
It's a price retracement and not a bear market. Bitcoin is a volatile asset and you know how the price fluctuates due to investors sentiment. Bitcoin price dip to $112k isn't a sign that the bear market is here since the dip is catalyst to trigger the price of bitcoin to pump higher than the previous.
This isn't the first time that we are seeing this level of dip in this bull run, it was so last week before it bounced back to $118k after Fed announced rate cut. I am bullish because September is a red candle month for bitcoin, I am expecting a big pumo in October.