Could Bears Be Tired?

Crypto market lost about 40% compared to last month, and about 55% in approximately 6 and a half months. The bears' pressure has caused the crypto markets to shrink significantly. Bitcoin, the leader of the crypto market, has been in the red zone for 9 weeks. This is the first time bears have kept Bitcoin in the red zone for this long.

Bitcoin is currently trading at $30,098. The bears are struggling to push the price down further, but the buyers won't allow it. When Bitcoin drops below 30K, it goes back to 30K again with the pressure of buyers. Bitcoin seems to be holding on to a very important support zone.

When we look at the crypto market in general, its market cap was $2.93 trillion on November 9 and is now worth 1.3 trillion. It lost 55.67% value in approximately 6 and a half months. When we look at the last month, it was $2.18 trillion on April 2nd. Compared to the previous month, the market cap seems to have lost 40.36% of its value. It seems that the bears are very active in the markets.

In addition, on May 12, the crypto market cap fell to $ 1.21 trillion, and today it is $ 1.3 trillion. It seems to have grown 7.43% in about 11 days. The bears seem to be getting tired. Maybe it's bedtime for the bears.

While the crypto market has shrunk by around 56% since November 9, it needs to grow by around 125% to get back to the peak. This data shows that the crypto market is far from the peak. In other words, the crypto market needs to grow 125% to hit a new ATH. This may seem very difficult, but strong cryptocurrencies, especially Bitcoin, made similar rises.

After the sharp drops last year, the crypto market cap dropped to $ 1.2 trillion in July 2021. Afterwards, many cryptocurrencies, especially Bitcoin, started to rise and the crypto market cap reached $2.93 trillion on November 9. So in about 4 months, the crypto market has grown by 144%. When the bears got tired, the bulls ran much faster. When we look at these data, it seems that it is not very difficult to reach a new peak.

When we examine the data in general, when the bears get tired, it seems that the bulls run much faster. If Bitcoin continues to hold 30K, I think the bears will eventually give up. Then we can see a much faster bull run. But if Bitcoin fails to maintain 30K, there may be bigger drops. But when we look at the current data, even though it drops below 30K, it manages to go back over 30K.

I think the bears have stood for too long and should go to sleep now, do you think?

I do not give financial advice. I follow the developments in the crypto market and share my ideas with you. You should do your own research before investing.

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