More proof the bear market is over for Bitcoin...
If we weren't sure about the bull market, we are now.
I put out a post the other day talking about how I "knew" we were no long in a bear market.
More on it can be seen here:
https://steemit.com/bitcoin/@jrcornel/how-i-know-the-bear-market-is-really-over
For those in the TLDR camp...
The premise was basically that since bitcoin is able to shake off bad news and keep going up, that is definitive proof that we are in a bull market.
During a bear market, good news doesn't seem to matter and even remotely negative news tends to send prices crashing down to new lows.
However, in a bull market, bad news get brushed off and good news sends prices soaring to new highs.
Well in the last week or so we got some pretty terrible news...
First it was the fact that Bitfinex may have been dipping into the tether reserves to cover their clients funds, which left tether no longer backed by what it claimed to be.
In a bear market that would have likely cut the price in half.
It didn't.
The next piece of major negative news dropped last night.
It was revealed that Binance had been hacked to the tune of $40 million worth of bitcoin.
Mind you Binance had never been hacked before and that was one of their claims to fame...
What happened to bitcoin?
It initially dropped significantly only to rally right back where it was before the news broke.
(Source: https://coinnewstelegraph.com/why-the-next-crypto-bull-run-will-be-several-magnitudes-bigger/)
Those are two majorly negative events that have only caused bitcoin to blink briefly before charging higher.
Which, for me, is further proof that the bear market is behind us and bitcoin is officially in a bull market again!
Stay informed my friends.
-Doc
The winter is over
Posted using Partiko Android
Now we just need steem to go up with it.
I bought back in ... but i see pullback coming ... well i dont know ... :D
I think one will come soon enough. I am pretty shocked we moved through $6,300 so easily. It's like there was no resistance at all there.
I hear them Bulls a runnin 💰👍💰
Looking good corndog!
all that's left now is for the price of Bitcoin to hold above 6k for a little while and the market will go nuts
for me the news of the binance hack was CRUSHING, and bitcoin price action didn't even flinch.
super bullish.
Yep. I thought that was a very big deal as well... What was even potentially a bigger deal is what CZ proposed as a solution... did you see what he suggested as an option?
nope
CZ mentioned that one option was to get the largest miners together and have them roll back the chain to a point in time before the bitcoin thefts occurred... Luckily he changed his mind very quickly from that idea, but the fact he claimed he thought he could do it is a bit concerning for bitcoin... IE if it is that easy for someone to control it it loses a lot of its luster.
Haha yeah I'm about to write about it...
Seriously what was he thinking.
It makes him look really ignorant.
Did I beat you to it?
https://steemit.com/bitcoin/@jrcornel/binance-hacked-but-the-scary-part-is-what-almost-came-next
:)
Numerous TA events have pointed to the rise of a new bull. The way the news affects the day to day trade confirms TA's assessment that, yes the Bear is dead and a bull, a strong bull has taken its place.
Yep. Technicals were pointing to a bull market for a few weeks now. The price action as it relates to news is confirming it.
And so it begins... 😉 $6000+ on the market. Let's see where we go from here
Posted using Partiko iOS
I am looking for a pullback before we go higher. We shall see.
I am looking for
A pullback before we go
Higher. We shall see.
- jrcornel
I'm a bot. I detect haiku.
A poet and I didn't know it.
$6300 now 😜 that pull back might not go lower that $6000 now. Very exciting time after a long bear market
Posted using Partiko iOS
In the short term yes. I still think when this rolls over, we will be restesting $5,300 and maybe even $5k. Don't think we are going much lower than that though, maybe $4,700 if we are lucky.
Looks like that roll back is finally happening now
Posted using Partiko iOS
Yea, I think it is. I would not be surprised to see $6k tested in the next couple days again.
I think we are in between still as good news is not having the big impacts either. $7 trillion of potential assets with Fidelity didn’t move it much either!
Posted using Partiko iOS
I think that is part of the reason it is going up right now :)
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Cool, thanks.