Bears Have Only Now Taken Control Over Bitcoin

Debate surrounding if the Bitcoin bull market is over due to the recent correction is at a full boil, while many are already searching for a bottom of the current downtrend.
Bulls must be careful not to jump the gun due to buying the dip working so well over the last several months. Because bears have only just now taken control of Bitcoin, according to a trend strength measuring indicator.
Analyzing The Crypto Correction And The Possible End Of The Bull Market
Bitcoin price is down by more 50% after a deep drop over the last month – among the worst monthly candles on record were left behind in the wake.
After such a steep correction and the last bull market never allowing more than a 37% retracement, more traders are looking for a bottom to buy rather than a bounce to short.
Related Reading | Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next
The idea the bull market will be back on so soon could lead to losses and a painful realization that this cycle is very different this time around. That’s according to the Average Directional Index, which suggests bears only just got back control over Bitcoin, and likely won’t let up anytime soon.

The Average Directional Index shows where bears took over | Source: BTCUSD on TradingView.com
The Average Directional Index Says Bears Now Taken Over Bitcoin
The weekly Bitcoin price chart above shows the many times bears took over the cryptocurrency trend according to the trend strength measuring indicator.
Bullish impulses are always the strongest, which send the Average Directional Index itself rising to the highest readings historically. However, the Directional Movement Index indicators that work with the ADX indicate when bears or bulls are in control of the trend.
Related Reading | Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce
In this case, bears have just taken over Bitcoin after an entire year. So while bulls are expecting an immediate bounce back to highs, a correction anything less than three months long doesn’t make much sense compared to the length of past bear phases.
Instead, with each passing bear phase, the following bullish impulse gets stronger, suggesting that when bulls do finally take back control, bears will have all but been eliminated, allowing the cryptocurrency to rise to the all-time highs that investors have been expecting – upwards of around $100,000 per coin or higher.
With bears winning the battle currently, it doesn’t mean they’re totally in charge for the long term. Even during past bear phases, bulls did at times regain the upper hand causing a bounce. Until the current bear phase has ended, shoring those bounces if the right way to go, and leave dip buying for later when the new uptrend is confirmed in a similar fashion via the ADX.
Featured image from iStockPhotos, Charts from TradingView.com

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista,...

5ire Token Set To Launch on Bybit Exchange: December 05

- Brace yourselves for a groundbreaking moment as 5ire prepares to unleash the 5ire token on Bybit Exchange on December 05, igniting a...

Cryptocurrency Unleashed: Haryaneaaleindiankaran’s Social Media Evolution

In a digital era where social media influencers often capture the spotlight, one TikTok sensation has transcended his platform, becoming not just a crypto...

QuickSwap integrates dappOS V2 to provide intent-centric UX

QuickSwap, the top-ranked decentralized exchange in the Polygon ecosystem, has integrated dappOS V2 to provide intent-centric user experience and bring new exciting features. Firstly, dappOS...

The Earn Network Announces Upcoming $EARN Token Public Sale – Starting on November 24, 2023 on Leading Launchpads

The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of...

CAGA Crypto Launches into the Market with Impressive results: Token Trends and Volume Analysis

CAGA Crypto Launched into the Market with Impressive Results and significantly surged in price just a day after its listing.  At its listing,...

Stader Labs integrates dappOS V2 to offer intent-centric UX

Singapore, — The innovative staking platform Stader Labs has integrated dappOS V2 to offer intent-centric user experience and new powerful features.  dappOS unified account...

Chappyz Announces Token Listing on Tier-1 Exchanges After Raising Over $1M During IDO

The platform's token, $CHAPZ, is set to go live on Bitget and Gate.io on Monday, November 13, 12 pm UTC. (London, United Kingdom, November...