Bitcoin's already in a Bear Market and may be coming out of it soon...

Bitcoin's not about to start a bear market, it's likely to start emerging from one.

Looking at a number of statistics, including the total supply in profit held by short term holders, bitcoin has been in a bear market since early 2021.

Check it out:

(Source: https://twitter.com/TheRealPlanC/status/1485758216793432067/photo/1)

Curiuos why much of 2021 didn't feel like a bull market?

That's because it wasn't one...

It spent most of the year going sideways after the initial run-up in late 2020 and early 2021.

Remember STEEM hitting $1.50? Yea that happened in early 2021 and then it spent the rest of the year around $.60 or so...

Given that backdrop, we may be on the cusp of emerging from the bear market and consolidation in the near future, with the lows being put in yesterday.

I'm not confident in this yet, but I could see it happening.

In order for that to happen my guess is that the FED will need to pivot from their rate hiking strategy, or at least slow down the pace.