How long until the "we're in a bear market" people admit they were wrong?

[proudhon]

OP, they were right. It was a “bear market”, but fast forwarded to 10x. In a normal state of the market, if Bitcoin fell from $60,000 to $30,000 from April this year to April next year, that would have been one year of bear market cycle. Thanks to Elon Musk FUD and everyone who panic sold, they made it 10x faster.

Yeah, but still early to conclude that we are still in the bearish cycle, the coin can still be flipped in the next quarter and see a bullish cycle again. $30k-$40k for now, still high from the our last bullish cycle in 2017.

We will forget about Elon Musk in the next 6 months for sure, his FUD will not be as effective as what we are, he could have some anti-bitcoin arguments, but for sure majority of investors are getting tired of him toying and creating a lot of FUD.

Instead of going $60k to $30k over a year, we did it in a week. And now the never ending, years long bear market bleed out will take us below $10k.

[Kittygalore]

Their ego are too big to let a simple admittance of defeat slide their mouths. Plus, I think it's too early to call the market has officially exited the bear market, maybe we can let it marinate for a while and see what happens to the market next.

[proudhon]

Their ego are too big to let a simple admittance of defeat slide their mouths. Plus, I think it's too early to call the market has officially exited the bear market, maybe we can let it marinate for a while and see what happens to the market next.

It's not ego. It's certainty from of a perfect mathematical model.

[GelatikKembar]

Lots of people saying the bull market is over and we're in for a crypto winter. I think this is plainly obviously not true for numerous reasons.

How long until these people realize we're still in a bull market and market sentiment shifts from "oh no bear market" to "oh that was just a major correction"?

The pattern is the same as in 2017, the correction was 50% and then increased to more than 200% at the end of 2017,
and made Bitcoin hype, yes many bought it at that time including me, and until now I still hold Bitcoin, because I believe Bitcoin can reach $100000 in future/
collect Bitcoin before Bitcoin price gets more expensive  

[brainactive]

The pattern is the same as in 2017, the correction was 50% and then increased to more than 200% at the end of 2017,
and made Bitcoin hype, yes many bought it at that time including me, and until now I still hold Bitcoin, because I believe Bitcoin can reach $100000 in future/
collect Bitcoin before Bitcoin price gets more expensive  

The pattern is also the same as at the start of 2018, when it corrected more than 50% and then decreased steadily for the next 2 years.

So there are two potential scenarios:
1) We're in a mid-cycle correction (similar to what you mentioned)
2) We're at the start of a longer term bear market (the scenario I mentioned)

At the moment, it's not clear which scenario will play out, but most of the technical indicators are pointing to the 2nd scenario which is why the "we're in a bear market" people are pointing out the possibility.

The people who are using a DCA strategy don't care which scenario will play out because their investment strategy will stay the same, but the people who try to time the market are considering these two scenarios closely as it will determine their next move.

Whether Bitcoin is considered "expensive" now depends on your time frame.