Has the Bull Market Started?
We have been in a bear market for a total of 289 days. Many incidents have happened in this bear market. Incidents that have prolonged this bear market. If these incidents had not happened, we would have seen a bull run in the crypto market in no time. This is what we will discuss in this blog today, whether the bull market has started! Read the whole blog carefully, hope you like it.
First, let's discuss some major accidents in this bear market. The incident of Luna and FTX is one of them. I will highlight these two main points.
LUNA:- LUNA was one of the strongest projects in the crypto market. It was one of the top ten crypto coins. So the hype for this coin and project was at an extreme level to the common traders. Another stable coin of this project was UST. The programming language of this stable coin collapses. And to prevent the collapse of this stable coin, its developers continue to print new Luna and sell it in the market. But this news was still hidden. No one knew. By the time the average trader finds out, it's too late.
Due to this collapse of the LUNA, many large whales were destroyed in an instant. At the time of Luna's collapse, the price of Bitcoin was $31,000. After this incident it came down to 22-25 thousand in an instant. This phenomenon helps to prolong the bear market.
FTX:- The FTX crash happened just when the market was about to recover and go bearish. FTX's fiat money was held in an American bank. FTX's fiat money means money invested by users. Suddenly, one day, the American bank declared itself bankrupt. Then when FTX users tried to withdraw their money from FTX, the CEO of FTX failed to grant the withdrawal. And people began to lose confidence in crypto. And because of this Bitcoin dropped directly from $21k to $16k. And the market converts more into a bear market.
And after that Bitcoin retested several times but could not enter the bull market. But then Bitcoin broke its previous records and began to move upwards, then another setback occurred. Bitcoin eats down again and dumps the price again to take a retest. Now after finishing the retest bitcoins started pumping again. If Bitcoin can break the $32,000 resistance. Then the bull market will be confirmed.
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Hi @sagor1233
I have generally seen, in the more than 6 years that I have in the world of cryptocurrencies, that at the end of the year there is a tendency to increase. If we add to that the fact that the Halving of Bitcoin will occur in April of next year, I think we are in a good moment for the rise of cryptocurrencies.
I hope so.
I also hope that the next BTC movement will be Super Duper. 🥰
Yes you are right bro, $31,000-$32,000 is the confirmation zone for bull market.
Let's see, whats happens.
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