Remember when Bitcoin was in a bear market a couple weeks ago? Me too
CNN has egg all over their face after their calls on Bitcoin
Remember when CNN called for Bitcoin to be in a bear market after it dropped 20%?
In their defense, technically anytime anything falls by 20% from it's highs it is said to be in a bear market.
However, in reality it sort of looks pretty silly when you see stuff like this:
(Source: https://twitter.com/BTC_Archive/status/1361696555330338817/photo/1)
And then a few weeks later it's almost double the price, and breaking through $50k.
Yea, it seems like a long time ago now, but the price dropped as low as $29k before surging to $50k.
I was a dip buyer and hopefully you were too.
The next local peak probably is still $10k or more from this level.
What can we learn from that sort of media reporting?
Basically when you see articles start coming out about how we are in a bear market, it's probably time to buy.
The last dip was about 31%, so maybe wait a few days after we get those $20 drop headlines, and then load up.
These guys have to be getting tired of being wrong!
The headlines are going to come out again with bitcoin down 22% now.
Technically that's in a bear market.
I suspect we leave the bear market within a few weeks.
History says we will bottom within 3 weeks of the start of this drop.
I never believe mainstream media
I think a lot of people feel that way at this point.
I would say, that plunged of 20% was the turning point.
It was a buy the dip opportunity.
Oh, okay. I see.
I think bitcoin probably goes north of $60k before our next 30% drop.
Yea yeah. It is showing those signs already.