Is the new bull market confirmed?

Good morning on this Friday. It's time again to take a look at the crypto market. As you have come to expect from me in recent weeks, I have not been online much this week. I only heard that Bitcoin showed a convincing increase this week. It has also immediately become clear that all the people who immediately shout that the new bull market has been confirmed were drawing somewhat premature conclusions. After we saw a nice increase on October 2 to above $28K, the price subsequently corrected again and is now around $27,400. Is this the confirmation of a new bull market? Or are we just going sideways and will this continue for a long time?

The latter is more my expectation if I'm honest. I don't really believe in a new bull market at the moment. There are a few reasons that could explain a new crypto bull market for me at the moment. Unless you look at inflation, which, as far as I am aware, has not yet been reduced to the ideal 2% anywhere in the world, and then you also say that Bitcoin was created precisely for these situations. Then it could be explained if Bitcoin were to enter a new bull market. But since we now know that there is a strong relationship between Bitcoin and other financial markets, I now see this increase more as the normal volatility of Bitcoin, and not directly a new bull market. Although I must immediately say that I HOPE I am wrong. A new bull market would be welcome.

Disadvantages of a bull market

Although a bull market also has a number of disadvantages, buying crypto would become more difficult. Not that I now have liquids to invest, but if I did have them, it would be more difficult to invest them if we indeed enter a bull market. Earning Hive through blogging would be significantly reduced again by a new bull market. But on the other hand, everyone's account value would increase considerably, and would therefore look a lot more attractive to the eye. However, a bull market would also cause a lot of volatility for Hive. I don't know the current state of Hive's liquidity, I haven't looked into that at all yet. But you can count on a new bull market to cause a flood of power-downs from all kinds of people who want to free up money from their hive power and convert it to HBD, other crypto, or fiat money. Now during the bear market, there is not so much of that, and even if we calmly ripple sideways for a while it can all be described as fairly quiet.

Increased activity

What we would probably see with a new bull market is that activity on our Hive blockchain would increase significantly again. Many people who have now lost motivation, who have lost their way to Hive, would suddenly appear again. Because no matter how strange it is, many people who really think they are just there for the big bucks, ignore Hive at times when they are making good money, and when they can soon earn 2 hives per blog at a rate of 1 dollar per Hive, then they are back. Strange but true, they pass up 10 Hive per blog because the Hive price is too low to maintain their interest, but they suddenly find earning 2 Hive interesting enough and think they can earn the 'big money' with it.

Small signs

It remains a mystery how the human mind works, but we'll see! Although I do not believe in a new bull market at the moment, I certainly believe that we have slowly entered or will enter a sideways movement. And that ultimately often means the run-up to a new bull market. I dare not say with certainty that we have really reached the end of this bear market, but small signs on the wall seem to be slowly pointing to this.

Light at the end of the tunnel

If you've stuck with us all this time, hang in there a little longer! There comes a time when things turn around and if you close your eyes one too many times you will miss it! I slowly believe that we can start looking for the light at the end of the tunnel. How high do you think Hive will go in the next bull market?

Think about that, and let me know in the comments!

Enjoy your weekend!