BEAR MARKET OR MID-WAY COOL DOWN
The price of bitcoin has been going down and in just the past 30 days it has crashed 16% while since it hit $69,000 top it has been crashing and has crashed 40%, crypto advocates are debating and challenging everyone by saying this is not the top for Bitcoin.
Alot of bitcoin traders pay attention to how bitcoin tops and how it bottoms including the 4 stages of the cycle. Ok now i will be listing and explaining the stages and they are Firstly the accumulation phase, the uptrend phase, the distribution phase, and the downtrend or capitulation phase.
They say that the first phase which is the accumulation phase happened 666 days ago on March 12, 2020, when the price of bitcoin crash below the $4K per unit zone. It was on that day in march that the World Health Organization (WHO) announced to the world that there was Covid-19 outbreak and dubbed it a “pandemic.”
"Black Tuesday" that is what that day is being called because during that day global markets worldwide were roiled and the crypto economy shed billions in a matter of no time. But after that day the next day bitcoin recovery and accumulation phase begin and bitcoin continued it's uptrend until it reaches 20k 2017 all time high then by January 2021 the bitcoin price skyrocketed to $40k for the first time in bitcoin history then in the middle of may 2021 Bitcoin hits the price of $66k then stayed in that $60k zone for like 2 weeks then shortly after it started to fall down until it found a bottom in $30k on September 21 2021 then bitcoin lovers said that wasn't still the top and they were correct as 50 days later the price of Bitcoin shoots up to $70k on November 10 2021 but bitcoin lovers still say that is the top of BTC.
If this is the top the next halving of bitcoin is 2024 that is like 2 years from 2022 but bitcoin lovers still don't believe that $70k is the top because they are still expecting a double bubble just like 2013 thats why Crypto market pundit Bobby Axelrod thinks that in early February observers will witness the next big move.
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