At present, the market value of Bitcoin has returned to more than 46%, which is a sign that the margin ratio has decreased, the bubble has burst, and the market is accumulating power.
And I think we are currently in a century-long bull market in Bitcoin. In the short term, we are in a technical bear market after a major correction.
I think that meeting two conditions can determine that Bitcoin is in a bear market. 1. The price of Bitcoin must fall by about 80%, and the high point created by the bull market cannot be broken before the next cycle. 2. The lowest price in a bear market should not be lower than the highest price in the previous bull market.
At the end of 2017, the highest price of Bitcoin was $20,000, and if the current maximum price of 65,000 is calculated, when the price drops by 80%, the price of Bitcoin should be $13,000. And this obviously fell below the highest price of the previous bull market.
These two points can be confirmed in the Bitcoin rainbow chart：
https://www.blockchaincenter.net/bitcoin-rainbow-chart/Four years have passed, unless you think that Bitcoin has not improved in the past few years, the computing power has not increased, the number of users has not increased, and the consensus has not been strengthened. Otherwise, you don't need to worry that Bitcoin will be less than $20,000. Compared with the increase in value, the current price is simply a sales promotion.
The consensus on cryptocurrency is still expanding, and there emerged the first country in the world treating Bitcoin as its fiat. Bitcoin's network has withstood the impact, and the computing power of the entire network has only dropped from 160E to 120E (compared to less than 15E when it was 20,000 dollars high before the end of 2017). Bitcoin's core technology is developing steadily. One of the most significant upgrades this year, Taproot technology has been confirmed by more than 90% of miners and will be officially launched in November. Bitcoin's old friend, the Federal Reserve, is likely to continue to maintain quantitative easing. All this shows that the bull market still exists.
Please be sure not to sell your Bitcoin when the price is less than 100,000 USD.
I won't say this is a sign of a bull market. You see the Bull market is defined as a long run of any stock or commodity by breaking new highs each day. At this point of time BTC is stuck in flux or a range between 30k to 40k whenever it crosses above 40k the sellers kick in and whenever it tries to go below 28k the buyers kick in. So this is a sideways market trend when you see this in terms of price. But seeing this in terms of adoption, it's really a good time for bitcoin, in fact the stability of price is making it much more reputable and with countries making it legal tender it's becoming much stronger in terms of retail buy-in which means it won't be easy for whales to manipulate the market.
