🚀Buckle up, BTC enthusiasts!🚀 Bitcoin is potentially entering its fifth consecutive negative weekly close. Historically, this has only happened in a bear market environment. But don't panic just yet!🙌

The current drawdown, persisting throughout April, is relatively mild compared to previous bull markets. From a high of roughly $71,400 on March 31, Bitcoin closed this Sunday at about $63,000 – a 12% drop.📉

Analysts point out that Bitcoin has only declined by 20% at most from its high of $73,000 this cycle. In contrast, the 2017 bull market saw multiple drawdowns of 20% to 30%.📊

Interestingly, four consecutive red weekly candle events have occurred in bull markets before. Two of these instances happened right after previous Bitcoin halvings, just like what transpired earlier this month.🔥

However, there's a twist! Bitcoin sell pressure has spread to the newly launched Bitcoin spot ETF Despite soaking up over $12 billion of net inflows since January, these flows have stagnated over the past month.🤔

Some analysts argue this is a bearish sign, as it suggests investors will "bail at the first signs of trouble". Yet others counter that most investors haven't reported their ETF holdings yet, and it can take time for advisors to get involved.👥

So, is the Bitcoin bear market already here? Only time will tell. But one thing's for sure - the Bitcoin journey is never dull!🎢🚀🌕