As I checked hivestats.io, I observed Hive is up 11.34%. And then I checked also the price of BTC. Seeing its price action, this reminds me of the article I wrote about Bitcoin in November of last year. It also reminds me of this article claiming that due to FTX's crash, many investors have abandoned cryptocurrency. Fear was so widespread four months ago.
Moreover, many analysts predicted at that time that BTC will go as below as 10,000 USD. Robert Kiyosaki announced that he was waiting for Bitcoin at that price.
When fear was dominant, bearish forecasts were common and it was rare to see an analyst that will go against such a trend. It was easy to ride what was popular.
This is my response to Robert Kiyosaki's entry price:
Sorry RK, I know you have been waiting for so long at the $10,000 level, but I am afraid that technically, Bitcoin will not visit that price. Source.
Furthermore, I mentioned that the discussion about BTC's floor price reminded me of another article that I wrote in June of last year. I mentioned there about the possible worst case scenario:
. . . the worst case scenario is that BTC may reach the $15,000 area, which is its 78.6% Fibonacci Retracement.
After five months, my analysis in June of 2022 happened in November. However, many are not satisfied with such a “worst-case” scenario. For them, that was still too good. They expected a lower price than $15,000. As for me, "the rally that began in 2017 and peaked in November 2021 has already found the floor of its 78.6% Fibonacci Retracement at $15,397.00."
Finally, a month ago, when almost everybody is forecasting doom, Dan Morehead, the CEO of Pantera Capital remained very positive in his statement that the bull cycle in Bitcoin has already returned. But still many doubted it for many were still afraid. They were skeptical about Morehead’s enthusiasm.
Now that the price of BTC is about to break its resistance at the $26,990 area, I think many now will shift from FUD to FOMO. As for me, I will just continue what I have been doing on Hive whether we are just experiencing a Dead Cat Bounce (DCB), a bull trap, or if this is really the return of a genuine bull.
To answer our question, as for me, the Bull Market has already started during the darkest day of crypto in November of last year.