Honestly, guys.
Bitcoin is up 700% in the last three years, and you're doubting whether we can call the current period what it is: a bear market?
Why are you so obsessed with the business cycle, 4-year cycle, power law or whatever.
"No it's not a bear market because my model says otherwise"
Look at the chart.
It's simple.
Look at the structure.
Higher lows, higher highs, above the bull ema, full of bull flags = bull market.
Lower lows, lower highs, below the ema, full of bear flags = bear market.
I even painted the colors accordingly.
Why should an asset not be able to enter a distribution and bear phase after such an impressive and long bull market?
The good news is: The bottom is near. And there is a bit of chop ahead. And then we will see the same green bars again for the next couple of years.