It could be that the bull has started as we're already in November, the month I believe favours Bitcoin. I won't be expecting anything contrary to a bullish movement from Bitcoin this month. As it's now, price is resting on weekly support around $19,500 and I sincerely hope it doesn't break it so we can see it reaching for the $24k region where there's a strong resistance. If anyone must short Bitcoin now, they should be very careful doing that. Otherwise, it's better to wait and aim for long.
Now, on the contrary, we are seeing another very significant drop in the prices of almost all cryptocurrencies in this market. Bitcoin dropped to $16,872, and other cryptocurrencies fell accordingly. I would like to believe that this is the price bottom of this bearish period. A bullish period is not even in sight yet. Despite high inflation in almost all countries, cryptocurrency has not yet become a safe haven for people from such fiat inflation. Perhaps this is explained by the fact that most people simply do not have free money after a three-year coronavirus pandemic.
Not with the pandemic solely anymore, it is just that economic crisis and inflation rate got worse.
Recently, there are news about cryptocurrencies such as with the tweets of Elon which are making huge waves on tokens. Maybe it is a good indicator that this industry is now again creating a noise rather than to remain silent and for the market to be stagnant. Indeed the bearish market is not over yet but seeing there are slight changes (not with market prices which are still low) such as these news, new projects which are continuously popping out of nowhere and the likes, could be a good start after a long downfall on this industry.
considering the recent events that has transpired and makes things worse I think you gonna get disappointed that the current trend gonna lasts longer than usually, so much things holding back btc from turning the trend, instead these recent crash like luna and ftt just make things worse and further drives down the value of most coins in general.
If you think that the bullrun gonna get started very soon I think you are wrong, bullrun will eventually come but I think it will come at the end of 2024 where at least things gonna get better with the economy.
Just like with 2018 wherein the market remain low for almost two years? hope it won't. Few projects were only profitable and investors that time really struggled with the adjustment from the huge pump during halving that time. So let us hope this dump won't last that long.