While the debate on whether the bullish bull market in Bitcoin is the beginning of the bull market or an intermediate rally in the bear market continues, the 8% pullback in BTC made investors nervous.
As we have reported in many of our previous analyzes, a lot of on-chain data shows that Bitcoin is out of the bear market and we are in the early stage of the bull.
This indicates that the pullbacks are a new buying opportunity for investors.
Those who buy gradually on pullbacks follow the trend by gradually selling on major resistances.
In this process, there are those who think that BTC will fall under $ 20,000 or even $ 9,000-10,000 again. However, historical data shows that Bitcoin will not go below $20,000 again.
At this point, CryptoQuant analyst, who compared the 2018-2019 bear market with the current market over the realized price of Bitcoin, said that in bull markets, the price of BTC usually remains above the actual price.
On the other hand, in bear markets, the BTC price remains below the actual price, causing investors to fear.
Stating that Bitcoin's last correction movement is similar to 2018, the analyst made the following statements:
“The recent movements of BTC are similar to the 2018 bear market. In the capitulation phase before the bull, the price was significantly below the realized price. After the 2019 bull rally started, the price went above the realized price.
After the price went above the realized price, it retested the realized price and experienced some pullback.
After this test, BTC started the 2019 bull rally and did not fall below the price that occurred in the bull again.
Looking at the current movements of BTC, the price of BTC started an upward trend and exceeded $ 20,000.
After this breakout, BTC retested the realized price and continued to rise.
If history repeats itself, Bitcoin will continue its uptrend until the next bear market. So the uptrend of BTC remains unchanged as long as the price does not fall below the actual price.”
Bitcoin, which has been traded above $ 30,000, has experienced a decline in the last few days and pinned up to $ 28,300. At the time of writing, BTC is trading at $28,800.
*Not investment advice.