After much consideration i do not believe we are entering a Bear trend for BTC.
Going back to fundimentals there really isnt any legitimate reason to revert this trend to bearish. Network is growing, Google analytics suggest that their is a backlog of demand, world wide adoption is increasing and a scaling roadmap is increasingly clearer as to what underlying challenges need to be overcome.
The recent sell off in my mind was a function of where we have come from this year i.e. profit taking and risk managment. Its inevitable that the uptrend was unsustainable at the previous rate in a more developed market.
In this chart i propose one of two ways we will head past £3k and onwards toward 4k (which is what i believe fair value for the asset today)
The fib level from the lows of 2017 to highs last week suggest an extention to 4k is possible before the end of the year.
We will either retest the lows of last week and resume the upward channel we have been in for the last month, or we will simple resum our asecent from here.
Without a black swan event... I just cant see any reason for a bear market and i still believe we are correcting upwards to fair value which is now futher enhanced now from an increasingly strengthened Cryto asset class.