Is the bear market coming to an end or is this just the preamble to cryptowinter?
I begin this publication with the following question: Is the bear market coming to an end or is this just the preamble to the crypto-winter, taking as a starting point the recent momentum of the Bitcoin, showing a recovery in the last 24 hours of close to 5%, which positions its price above $20,000.
While the fact that Bitcoin is positioned above $20,000 does not create any sense of a trend reversal, for many analysts they see this new rebound as a solid move in the right direction and claim that perhaps cryptocurrency prices are bottoming out and that the bear market is about to culminate.
Generally speaking, for bullish traders, the price action of most cryptocurrencies is returning to normal, a deduction that coincides with the inflows of funds that more and more investors are allocating to the cryptocurrency market.
In this sense, beyond whether cryptocurrency prices are really bottoming out and that the bear market is about to culminate, it is no secret that the fall of cryptocurrencies in recent months is highly correlated with the announcements made by the FED.
Now, considering that the Fed will make a statement in a couple of days, this Bitcoin momentum can be interpreted as a false breakout to liquidate leveraged positions.
Consequently, in the current context of uncertainty in the cryptocurrency market there is no defined trend, as there is talk of the beginning of the cryptowinter and the possible breakout to the upside. So, if you are an investor in cryptocurrencies or if you are about to buy, it is important that you analyze by your own means before making any operative decision.
SOURCES CONSULTED
Coinpedia Bitcoin Trading Within Crucial Price Zone! Will BTC Price Make it or Break it?. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Ethoc
True, it is important that an investor does their own analysis before investing. However, in my opinion, we might be in the edge of a bull run. But let's keep our fingers crossed and see what happens.
Thanks for sharing buddy
Hello @samminator
I think this situation will remain for the rest of the year. So, I hope we can find a zone of stability and the market will enter into accumulation zone.
Best regards, be well.
Your post was upvoted and resteemed on @crypto.defrag
Hi @crypto.defrag
Thanks for the endorsement.
Best regards, be well.
This was same question that I am about raising on my post. I was asked because I wants to know where exactly we belong.
Hi @tfame3865
As I said before, I hope we can find a zone of stability and the market will enter into accumulation zone.
Best regards, be well.
Hi friend,
Indeed a hotly debated topic. I guess a lot depends upon how things play out.
There are so many triggers that can boost or mar the crypto spirit that one cannot say with certainity.
BTC sits at a crucial support. Below it it can go down to 15-16k range .
So one would rather prefer it consolidates here and moves ahead stronger.
Hi @thetimetravelerz
Whether the market will continue to correct will depend on multiple factors, and I believe this situation will continue for the remainder of the year. So, I hope we can find a zone of stability and the market will enter into accumulation zone.
Best regards, be well.