Bitcoin might not officially be on a bear market

[bbc.reporter]

Yes I am still me hehehe. I am always the skeptic and always the contrarian, however, also the realist.

I have 3 reasons why bitcoin might not yet be entering a bear market.

The last time the RSI on bitcoin has fallen to this low was September of 2020. It pumped from $10k to $30k after this.





Coinbase has announced that they will begin to support Tether. It is speculated that Tether is pumping this market. It appears this might not stop soon.


Coinbase announced late Thursday that its Coinbase Pro trading platform is adding support for Tether's USDT, dollar-tied stablecoin.

Source https://www.theblockcrypto.com/linked/102687/coinbase-pro-announces-support-for-tethers-ethereum-based-usdt-stablecoin



The last reason is the unconfirmed transactions are decreasing. Those transactions that paid for high fees might be transactions sent to exchanges to confirm quickly for dumping. It appears to have ended.

[pooya87]

Bitcoin can not enter a bear market because the bull run has not yet ended. It has to first end before the transition can start.

Coinbase has announced that they will begin to support Tether.

Get ready for all the Tether FUD to come out again, specially since it will coincide with the end of the correction and the start of reversal. As we set the new ATH in May, the FUD will set a new ATH too

The last reason is the unconfirmed transactions are decreasing.

In other words the FUD that came with the small hashrate drop is nearing the end and the weak hands are not considered "empty hands".


Let me just leave this here too, jut for fun:


Some gems from 2017 (chart above):
Dead cat bounce?
Bitcoin [@$2400] is a bubble article
Demise of bitcoin under Eth this one is from the king of idiots called kwukduck

[Zemomtum]

This is just a flash crash and I believe that we are going to experience an uptrend movement from next week onward. Cryptocurrency is not for weaky hands due to its volatility and those who know what they are doing always reap the benefits thereafter

[CryptopreneurBrainboss]

This is just a flash crash and I believe that we are going to experience an uptrend movement from next week onward. Cryptocurrency is not for weaky hands due to its volatility and those who know what they are doing always reap the benefits thereafter

This isn't like is the first time we're experiencing situation like this, all those thinking this is the beginning of the bear market will all get disappointed. Things are just getting heated up, this corrections will happen frequently to shake out weeks hands. This is the best time to accumulate, as many coins including bitcoin would be at discount. Lets not also forget, it's the weekend and this might just be the usual weekend selloff.

Next week would review what the market has in-stored. Already the market is recovering as there's no tangible reason for the crash, try browsing to see if there was any fud spreading but can't find any which just proved the dump is merely a healthy correction. Once again we'll be having those that'll regret letting go of their coins in this panic times. We just have to hold through as that has always been the best investing strategy.

[bbc.reporter]

Coinbase has announced that they will begin to support Tether.

Get ready for all the Tether FUD to come out again, specially since it will coincide with the end of the correction and the start of reversal. As we set the new ATH in May, the FUD will set a new ATH too

I remain to argue that they are speculations about Tether. They are not FUD because Tether only showed attestations. They were not audits.

I also have another speculation and this might be FUD hehehe. However, I ask who is the creator of stock to flow? What do we know about him? Is it not possible that this character was created by Tether while they manipulate the price to move very closely with stock to flow hehehehe?

[pooya87]

I remain to argue that they are speculations about Tether. They are not FUD because Tether only showed attestations. They were not audits.

Saying iFinex Inc (Bitfinex parent company, also creator of Tether) is shady and have never been able to provide any proof that their USDT is backed by USD 1:1 is not FUD, it is a fact. I have also warned people basically any time they talk about moving to a "stablecoin" in times of volatility.

However, saying Tether controls bitcoin price and the reason why it has gone up is because of Tether, or as you put it "Tether is pumping this market" is a big ass FUD.

I also have another speculation and this might be FUD hehehe. However, I ask who is the creator of stock to flow? What do we know about him? Is it not possible that this character was created by Tether while they manipulate the price to move very closely with stock to flow hehehehe?

In a sense "Stock to Flow Ratio" existed from day one and the idea even existed from the day people figured out the supply and demand concept, it just didn't have a fancy name or a model to follow. It also didn't say "scarcity drives value".

[Lucius]

I have 3 reasons why bitcoin might not yet be entering a bear market.

While one should always be careful when it comes to Bitcoin, the FUD regarding bear market from 2017 seems to be repetitive given how many threads are open on the subject wherever I look. I wonder if it’s just ignorance, or do we have professionals doing it for the reason of trying to influence the market through this forum as well. I don't need any other reason than the fact that we are in the year after halving, which will only show its effects in the second half of the year - and people who persistently ignore it do not even understand the basics of the crypto market.

USDT coming to Coinbase too? I lived in the belief that this stablecoin was already present there given how much trading volume was being made there. I can only repeat my opinion about stablecoins in general, and that is that they are even worse than fiats in terms of transparency - they literally print them as much and when they want without having to prove to anyone that anything is behind them - I wonder when that house of cards will start collapsing.

[electronicash]

the RSI had touched -30 already which could bounce again making you think the uptrend continues but its the weekly chart that indicates whether the bear market started already. because if the RSI traverse down to 50 in the weekly chart, it could be bloodbath.

traders however thought the cycle this year is different because of the adoption of big companies and the corona virus is adding the pressure to institutional investors to use btc. maybe this cycle could really be a super cycle.

[Husires]

All the previous corrections are necessary. I am measuring the rate of increase and decrease from the price of $ 20,000, which is considered a peak in the price in the past. $ 64,000.
All these indicators indicate that we will rise above the barrier of 10,000 dollars soon, within 3 months to 6 months and not after 10 months.
bitcoin will not enter bear market if we back to 54000 dollar

[Poker Player]

For me it is the opposite of how the OP puts it. Those who believe we are in a bear market are the ones who have to provide arguments to prove it, the burden of proof is on them, not the other way around. As @pooya87 says the bull market is not over and as @CryptopreneurBrainboss says those who think this is the start of a bear market are in for a disappointment. What happens is that there are people who get discouraged easily and other people who have been in Bitcoin for a short time or do not remember what has happened in past cycles.

[STT]

In pooya's chart the similar area to catch a bid would be about 40k pricing where a prior ledge exists in the pricing.     I'd advise caution for the small time player till we pass 53k but I dont disagree we can turn around largely even with a great pullback it can end and still a new high can occur.
   We are on the 2 day average now, back and forth and a crossing over the weekly average is still some distance off so that too is lacking conviction to upside.   We have certainly slowed any descent and its quite reasonable to question either direction as possible now.

[sunsilk]

In the past ATH, Tether has played an important role to put the market into a bull run. This time, it's not all about it but about the institutions.

But it's not yet the end and there's still a way not to stop the bull run if Tether's going to be used again for the continuous bull run if it's going to be in Coinbase.

[usekevin]

Yes I am still me hehehe. I am always the skeptic and always the contrarian, however, also the realist.

I have 3 reasons why bitcoin might not yet be entering a bear market.

The last time the RSI on bitcoin has fallen to this low was September of 2020. It pumped from $10k to $30k after this.





Coinbase has announced that they will begin to support Tether. It is speculated that Tether is pumping this market. It appears this might not stop soon.


Coinbase announced late Thursday that its Coinbase Pro trading platform is adding support for Tether's USDT, dollar-tied stablecoin.

Source https://www.theblockcrypto.com/linked/102687/coinbase-pro-announces-support-for-tethers-ethereum-based-usdt-stablecoin



The last reason is the unconfirmed transactions are decreasing. Those transactions that paid for high fees might be transactions sent to exchanges to confirm quickly for dumping. It appears to have ended.

The price of bitcoin was stable somehow by the heavy transaction fee. While withdrew of btc from binance, it's nearly 0.0005 btc as a fee you need to pay. It nearly 25$, no one will ready to pay for the little transaction. Instead they will hold till the price of bitcoin may boost up.In localbitcoin, their wil be incoming transaction fee it's around 0.0003 bitcoin.

[justdimin]

I do not think that it is on the bear market neither. I mean this is not a "contrarian" approach, bitcoin as 58k and went to 43k and that was a "crash", many people called it a bear run starting, many people said we were going under 10k again, what happened? It went to 64k instead. So, do not listen to all the bear callers as soon as the price drops, many will call it a big drop and many will call it bear, not everyone can agree on everything.

This is why I think we are not on a bear market at all, we just had a big correction, it was due to few news that happened, new tax hike in USA, Chinese miners offline, and many stuff like that. However it is going to pass, it is not a forever thing, we are seeing a slow but sure grow back again which is important because it means the price is not dropping and that is why I care about it, that is why I think this is much better.

[magneto]

Look, this short term correction seems to have gotten everyone panicking.

The bull market as of now is still completely intact. There is absolutely no indication that markets are going to flash crash without warning from this point on. An adjustment to a raging, unsustainable rally is more than natural.

Institutional bagholders are aplenty in the bull market, and that's what sets this one apart from the ones that came before. These institutions are much less likely to be weak hands that panic dump in the midst of a bear market - in fact, they'll likely take the time to double down and load up on even more.

[thecodebear]

ha of course bitcoin hasn't entered a bear market. bull market is still in early stages and everything points to that fact. Consolidation is not a bear market.

[Fundamentals Of]

Let us all see in the coming days. If the price of Bitcoin cannot climb up again at least at $60,000, then perhaps we are already in the bear market. If we end up just reaching $50,000 and then lose it again after a while, then we might have entered the bear market. But if we are going to hit another rally that would let us see the $60,000 level once again then that fall in price was just a correction at its worse form.

Personally, seeing Bitcoin climbed up again at $52,000 is a sign that the bulls have just taken a short nap and will resume its aggressive run any time soon.

[proudhon]

Bitcoin is confirmed in a bear market. It's last bear market before the world officially moves on to the realization that safe fiat is the best store of value.

[bbc.reporter]

I remain to argue that they are speculations about Tether. They are not FUD because Tether only showed attestations. They were not audits.

Saying iFinex Inc (Bitfinex parent company, also creator of Tether) is shady and have never been able to provide any proof that their USDT is backed by USD 1:1 is not FUD, it is a fact. I have also warned people basically any time they talk about moving to a "stablecoin" in times of volatility.

However, saying Tether controls bitcoin price and the reason why it has gone up is because of Tether, or as you put it "Tether is pumping this market" is a big ass FUD.

You say that it is a fact that iFinex, Bitfinex and Tether has never provided convincing proof that USDT is backed by USD 1:1, however, all speculations that they might be printing billions to pump the market is FUD? FUD is based on false information. The basis of the speculation that Tether is being used to pump the market is based on according to you a fact.

I also never said Tether controls the price. I said it is used to pump the price. However, let is agree to disagree.

[btc78]

Yes I am still me hehehe. I am always the skeptic and always the contrarian, however, also the realist.

I have 3 reasons why bitcoin might not yet be entering a bear market.

The last time the RSI on bitcoin has fallen to this low was September of 2020. It pumped from $10k to $30k after this.





Coinbase has announced that they will begin to support Tether. It is speculated that Tether is pumping this market. It appears this might not stop soon.


Coinbase announced late Thursday that its Coinbase Pro trading platform is adding support for Tether's USDT, dollar-tied stablecoin.

Source https://www.theblockcrypto.com/linked/102687/coinbase-pro-announces-support-for-tethers-ethereum-based-usdt-stablecoin



The last reason is the unconfirmed transactions are decreasing. Those transactions that paid for high fees might be transactions sent to exchanges to confirm quickly for dumping. It appears to have ended.

Drops to 47k early this morning and now? climbs back to 52k

https://coinmarketcap.com/currencies/bitcoin/

Is this the Bear that they are saying? all of them are just sending FUD but don't understand what this market is all about.

and those People who claims to be a Bearish market and Altcoin is started , surely once the ATH once again taken by Bitcoin ? they will cry hard loud for bitterness .