I think no because only the technical analysis indicate that we are near the bear market but fundamentally bitcoin is more strong than ever.
Also the On-Chain data suggests that 65,000$ was not the top. I think this bull market will be like 2012-13 where we have two peaks in the same year.
On-chain data does not show what whales do using futures. It is possible that they hedge their BTC positions at the top and will deposit real BTC to exchange at the bottom making additional fud. BTC futures has couple times bigger volume than spot. There was no futures market during 2013, 2017 bubble. On chain data may not show what wall street whales do with their insider knowledge.
No one can know about that. But 1 thing for sure, lot of people will cashed out when bitcoin bounce back or reached $60k- 64k again as bitcoin ATH and the rest still certain bitcoin would be hit $100,000 in the future (no one knows how many years it would be take)
If we will survive this dump and recover in next few weeks than nothing will stop bitcoin from going even to 200k. But will we bounce back? No one bought the dip. We crashed to 30k ... we are at 35k now. There was no strong recovery. We crashed all bullish indicators. Supports, trend lines, MA200. Every technical trader will short every possible bounce. Every price recovery will be hit by short positions. We will need super strong buy pressure that we do not observe here.
The only thing that makes me think that it was not the top is the environment (we have stronger and stronger fear of inflation and lack of faith in long term strength of US dolar), we set ATH as wyckoff formation (not as short squeez moon shot and bubble burs - like every other bubble - not only BTC but also dotcom and others.
some wall observing shows just how few coins are available on the exchanges. A few big buys (or even a lot of smaller buys) and we'll be back over $50k. It wouldn't be surprising to see a rapid rise at any point in the near future. Anyone shorting this or selling coins now is at a real risk of getting rekt or mindrusted.
