In the past 30 days, the Bitcoin market has grown by over 35.0%. On November 6, the market broke through the previous historical high of over $73,000. Currently, the Bitcoin price is still nearly 30.95% higher than the historical high in mid-March. Recently, from November 23 to 26, the market fell by 6.92% — the first significant correction since November 5.
The question troubling Bitcoin enthusiasts right now is: 'Is it too late to enter BTC?'
Bitcoin bull and bear market cycle indicators: what does it mean
The Bitcoin bull and bear market cycle indicator shows that the BTC market has not yet entered an extremely bullish phase. This means there is still room for growth in the Bitcoin market.
Historical declines of Bitcoin in bull markets
It is not uncommon for the BTC market to experience corrections during bull markets. During the 2017 bull market, the market saw a nearly 22% decline. In 2021, the market went through at least a 10% to 30% correction. This year, the market experienced a 15% to 20% correction.
We can view corrections as opportunities to enter the market at lower prices.
BTC buying strategy using short-term holder realized prices
It is advisable to buy BTC at the average cost basis of short-term holders. The reasoning behind this advice is that the price realized by short-term holders serves as a key support level during bull markets.
The surge in open contracts brings BTC buying opportunities
Price increases attract speculators to bet, thereby increasing positions. When speculators close their positions, prices often fall, providing buying opportunities for investors.
Bitcoin net recipient trading volume in search of entry points
The Bitcoin net recipient trading volume (24HMA) chart shows that the net recipient trading volume index remains below $30,000,000. A net recipient trading volume below $30 million indicates that selling pressure has peaked. This is a golden opportunity to enter the BTC market, as they believe this creates space for a potential price rebound.
In summary, Bitcoin's bull market offers both growth potential and strategic entry points.
Market sentiment and outlook
The bullish trajectory of the cryptocurrency market, led by Bitcoin's astonishing surge and strong performance from altcoins, reflects an increasing optimism among investors. The resilience shown by the market in the face of declining trading volumes indicates confidence in the long-term potential of digital assets.