Finally, BTC is back over 50k, so that wasn’t a crash, not even a dip, we’re back where we started and it’s obviously a bull run. Right?
Well, no, and I don’t know why this sub tends to forget so fast. We weren’t at 51k last week, a week ago today BTC was at 59k, and even then it was already down from earlier in November, when it was at 69k.
Alts are not that different, but on average doing worse. Only 10 out of the top 100 are up from last week, 9 are stablecoins (and therefore didn’t really move either direction and 81 are down, 34 of them more than 20%. If you compare the prices to early November, it’s even worse.
I agree the crash was not as bad as it looked on Saturday, and it’s nice that many coins were able to recover quite a bit. It is absolutely possible we’re on our way up again and the next leg of the bull run is just starting. But let’s not pretend it didn’t happen, let’s not pretend we’re not on a downward slope currently, and let’s not pretend the only way is up. I have no idea how things will develop, maybe BTC still shoots up 30% to a new ATH this year, but this might have been the first of multiple crashes that lead us to a bear market.