At current situation we can see that despite positive news the market is not showing bullish signs and is running sideways. Let me clear one thing, market turns bullish when investment is poured in into the market and confidence of the investors are at a high level. Which is currently very low as despite favourable rate cut the prices haven't skyrocketed. While it's difficult to definitively say whether we're at the start of a bear market, certain signs in September 2024 could indicate caution. Here are key factors to consider:
Bitcoin Outflows: There has been a sustential reported outflow millions in Bitcoin, which could signal a reduction in investor confidence or a shift toward cashing out profitsâ.
Price Volatility: Bitcoin and other major cryptocurrencies like Ethereum have experienced dips recently, and despite bullish predictions for recovery by the end of 2024, the current trajectory is more sideways or slightly bearishâ.
Macro Factors: Broader macroeconomic conditions, including the anticipated Federal Reserve rate cut, haven't yet delivered a boost to crypto prices. The cut may provide relief, but the market is still uncertain as it navigates inflation concerns and global economic instability.
While these indicators suggest caution, itâs not clear that we're fully in a bear run. A clearer trend may emerge depending on how markets react to upcoming events like blockchain upgrades, U.S. election results, regulatory news, and macroeconomic shifts. Keep an eye on Bitcoin's performance and whether any upcoming innovations or regulations positively shift sentiment. If you have limited resources, converting to safe assets like USDT and BNB is the best option and buying back again when market sentiment turns positive. Happy trading.Meanwhile let me remind you that holding USDT and BNB can still earn you profits without trading bh staking, participating in airdrops etc.
