AskLeo - Is the Bull Market Really Here?

What does a bull market mean?

Based on the above definition of a bull market, we might not entirely be there, although yours truly believes the vice versa, and let me tell you why. On one hand, the price of Bitcoin has been rallying for over six months, with some natural corrections along the way, but the trend is clear.

However, the definition of a bull market states that the market must also be characterized by optimism and positive sentiment, which is not really evident here, frankly. Crypto Twitter (CT) seems dead in my eyes. Although Bitcoin's dollar valuation is almost double the "fat round bottom" at $15,000, there's no sign of "positive sentiment."

I find it amazing that crypto enthusiasts pay so much attention to FOMC meetings and the Fed's rate ups and downs while overlooking the charts. You don't have to be a genius to see when the uptrend is changing. Many prefer to rely on media and CT to tell them when to buy and sell, but the media is always intentionally wrong.

Media outlets will never offer good financial advice; they are designed to serve their owners. Recently, BlackRock stated that Bitcoin should weigh almost 75% of someone's portfolio. Well, what would you expect during the early phases of the digital age? It's not like Coca-Cola should occupy such a position. Sure, it might have been the best pick at some point, but not right now. If you look at the stock market's best performers, some of them are TSLA and NVDA. Technology pays off.

Now, let's discuss the length of a bull market. According to the definition from the introduction, it can last from a few months to a few years. So, when we see that Bitcoin has almost doubled in price since its $15,000 bottom a few months ago, but positive sentiment is lacking, we can say that the bull market is here for whoever positioned themselves properly during the bear market. However, for the rest, all the price action is nothing but bear market volatility.

The halving is around nine months away, and historically, there has always been a significant rally for Bitcoin and many altcoins after the halving. Will it be the same this cycle? I believe history will repeat itself, unless the spot ETFs everyone is waiting for get approved, and giants like BlackRock start messing with the price.

Nevertheless, there will be an FOMC rate hike decision, and everybody and their mother know that the Fed will raise the rates with 25 BPS, so why all the drama and "panic wait"? It's because scared money doesn't make money, and dumb money is always late to the party. On the other hand, DOGE seems to have been awakened, and that's a good thing for altcoins. What are your thoughts on this?

Thanks for your attention,
Adrian

Posted Using LeoFinance Alpha