It had to happen, eventually. The cryptocurrency bear market is upon us.
People don’t know what to do, they think it will turn around quickly. It won’t.
I have been in this space since 2017. Based on the previous history of Bitcoin, a bear market usually lasts from 350 days to 500 days.
What to do?
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If you are a bull - Sit on the sidelines
Looking at the charts – most cryptocurrencies are in the red from the all-time high back in November 2021.
Taking a quick look at the Reddit forums, there are noobs who plan to buy the dip. That is going to hurt.
Don’t follow their advice. Sit this one out. The bottoming phase will at least last until autumn 2022.
Where is the crypto bear market bottom?
My bet is the crypto bear market will be over when we bounce off the weekly 200 MA – and I am pretty confident of it.
Look at the history. Bitcoin ended its bear market in 2015 and 2018 when it started its accumulation for a bull run by bouncing off the 200 MA.
What to do?
Pay attention to the altcoin cryptocurrency charts.
Altcoins will drop a lot harder than Bitcoin will – I estimate that BTC will bounce somewhere in the range of 23000$.
As of writing, Bitcoin is at 28000$ and the bear market will last for many more months.
This means that Bitcoin might only drop another 5K or so, but altcoins will proportionally drop considerably harder.
Have patience and position yourself. Wait until autumn 2022 before you make your move.