I Still Think Bitcoin Has More Downside Ahead

I keep seeing more and more posts saying that the Bitcoin bull run has already started.

Maybe they’re right. But after living through three Bitcoin bear markets, something in the back of my mind keeps telling me that the downside might not be over yet.

I already have my Bitcoin bags. I’m not sitting on the sidelines waiting for the perfect entry. But even so, I have this feeling that we might still have to experience a little more pain before the real bottom is in.

One thing that keeps bothering me is the Hash Ribbons indicator.

Historically, Hash Ribbons has flashed around the major cycle bottoms in Bitcoin. This time, it hasn’t.

Maybe this cycle is different. Maybe the indicator simply won’t work the same way this time.

But after watching Bitcoin for years, I’ve learned one thing:
When everyone starts feeling confident that the bull run is here, that’s usually when I start getting nervous.

I could be completely wrong. And honestly, I hope I am.

But I wouldn’t be surprised if Bitcoin still has one more nasty shakeout before the next major leg up.

What do you guys think? Are we already in the bull run, or is there still more downside ahead?