Actually, both bulls and bears have their basis, which will be discussed separately below. Bullish perspective: In previous bull markets, daily pullbacks have always marked the bottom, followed by significant rises and new highs.
Referencing the above chart, it can be seen that after each bull market halving, there has been a pullback at the current position. In terms of timing, comparing the 17 bull market and the 21 bull market, the pullback time has just been completed, and the next phase will be substantial gains. Alright, the bullish perspective is only supported by the historical evidence above. Below are the bearish perspectives: Bearish rebuttal: In the past, there have been major bull markets, often with several times the gains, so a daily pullback has usually retreated at least 30% or more. Currently, it has only retreated less than 16%, far from reaching the minimum requirement for a washout. Assuming a minimum pullback of 20%, that would be down to 86.
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