We would still need to drop a lot more to end the overall bull cycle. In fact, we haven't dropped low enough yet. If we start to prematurely form a bottom now, it could mean much higher prices for the next leg up.

In the last crash, the price of Bitcoin dropped all the way to $28K.

This time, after briefly reaching a new ATH, we dropped back into the $40Ks.

We have to see how low that goes.

1- If $40Ks is the lowest we can go before the next leg up, that means we're getting some much higher lows in this phase, and the next high in the next leg could also be much higher.

2- If we go into the $30Ks, we're still at higher lows, but not by that much. It means we're either still in the early phase of a bull market, or more likely, this bull market might be more tamed and not as dramatic.

3- If we go below $28K, then that's game over. We're no longer in a bull market. And likely begun the crypto winter. That is, to crypto standards, and if we keep things in the context of this volatile market.

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But if you noticed what happened in the last few days, it took several days of testing $45K, and several tests, before finally being able to break through. So the bearish forces haven't exactly been cutting to lower price like butter.

They've had to increasingly grind through steel to break the next supports. Supports we used to be able to break below with much more ease. But not anymore.

That means there is a consensus forming for these higher prices. A sign that the market is slowly getting more bullish overall. And accepting higher prices as the norm.

I wouldn't bet against crypto just yet.