November 9th: The Bear Market Begins 1. Last week, both the S&P 500 and Nasdaq broke through key previous levels and fell below their weekly 20-week moving averages, indicating the start of a bear market in US stocks. 2. I've consistently maintained that BTC's movement is a mid-bear market rebound, not a bull market. When US stocks enter a bear market, the crypto market cannot escape. With US stocks at the bottom of the bear market, BTC at 30,000-40,000 is reasonable. 3. In the next six months, most people will be liquidated and forced to exit the crypto market. Every rebound is an opportunity to escape.