Bitcoin Bull Or Bear, Where Are We In The Crypto Market?

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Last Updated on 25 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Sunday is the time to ponder on the week that passed and prepare for the week that comes. If you’re into crypto, it’s probably also a good time reflect and look at markets.

Ask yourself, are we in the bear or bull phase of the market now? And what should you do in each case. Let’s present both arguments and take a look at who makes the best case.

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Bear believes it’s down only from here

Eternal perma-bear Mr Whale, who tweets under the moniker CryptoWhale, had the time of his life this week when he noticed Bitcoin take a fall on Thursday and Friday, mostly due to panic in the markets because of a White House tax plan that is still in the draft stage at this point.

He claims that Bitcoin only has one way to go from this point on, stating: 

Bitcoin is on the verge of entering an unforgiving bear market, in which prices will likely plunge 90-95% in a short period of time.

Many new traders who FOMO’ed in up high from fake news on “institutional demand” and other narratives are going to lose the most!

Although we are not that bearish, it is true that every bull-run in crypto comes with a number of corrections, and therefore this one should be no different.

For example, experienced trader Peter Brandt also believes that Bitcoin has more to fall and find support before it can make a run for its next bullish target (around $70k). As he mentioned earlier this week, Peter put in several buy orders around the $32,500 mark. No telling at this point whether or not they are both right.

Bull thinks this is a healthy correction and you should buy the dip

On the other hand, you have the crypto maximalists who believe that this is simply a healthy pullback which was bound to happen and that the recent 20% drop in prices has nothing to do with the Biden tax plan, which is still in the draft phase. Furthermore, if the capital gains tax plan that was reported on Bloomberg would be executed, it would hit less than 1% of all Americans.

This was for example exactly the position of Scott Melker, who tweets under the moniker Wolf of All Streets. Scott explained that he is still:

Trying to process the fact that people would sell Bitcoin in April of 2021, because they think that taxes could go up for a select few Americans down the road, even though it has not even been discussed in the House or Senate.

Defending his position, he also noted that Bitcoin’s 20% retreats are very common in each crypto bull market and that this is already the 4th time that the MSM (worldwide media) has called the top for 2021 as being in.

The next few days will show who of the two positions is correct.