I'm not sure I'd say we're in a bear market yet. This still seems like correction territory to me. Granted, it's closer to bear market territory than I'd like it to be. We're still in the comfort zone at the moment though. I think things will start getting uncomfortable around $39K and below that will feel like a bear market. At the moment though we could be in a trading range between $42.0K & $69K. Until that breaks, this could be viewed as a buying opportunity. Especially seeing the sentiment in the market expecting it to drop further. The bulls have been liquidated enough, there should be some bears on the menu before long.
I definitely agree that we are not in the bear market right now. It says we are 20% down for the week we are 11% or so down, and only in the last 30 days we are around that 20% mark and not even there, we were around 48k or so and now we are at 42-43k levels which is 5-6k difference and that's not 20%.
All in all I would say that its nothing too shocking and we should not be calling it a bear market. For it to be a bear market we need to see it drop a lot more in the future. We need to see it a lot worse, we need to see like 40% or so drop in order to call it a bear market if you ask me. Obviously there is no definite line to say if one thing is bear or not, but this seems too small of a drop to be suddenly in bear market, it was just a small drop.
I can also see that the current drop is not that very serious and its fall rate has not reached 20% so maybe we are not yet entering the bear season. I think there will still be a lot of this when we finally turn into bearish season, that weak hands cannot sustain it anymore and end panic selling. But we know things that are happening right now will not be forever, it will surely end when we see the market starts to recover. So its better to hodl our coins until we see good chances to sell and earn profits.
There's nothing we can do for now but to hold most of our coins as the market is still having a correction. Also, seeing the coins are mostly in dips, then we can take advantage of this current scenario to buy promising coins while they are still in bargain. And for sure, we can do a lot more of buying when the market finally enters the bearish season. Or are we already entering the bearish season? I bet no one can answer it with certain since we all have our own point of views when it comes to having a correction or a bearish season.
