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Bitcoin has been around the $63,000-mark over the weekend. Has the world's most popular digital asset entered a bear market? QuoteInspector.com/flickr

KEY POINTS

  • Bitcoin bulls brushed off fears in the market even as the digital coin has been struggling to hit $64K
  • One Bitcoiner said it was 'normal' and 'healthy' for prices to go through a consolidation period
  • Another enthusiast said this cycle post-halving was 'way less bloody' than earlier cycles

Bitcoin has been in a pretty stagnant state over the past few days following the April 20 halving event, and while there is growing fear among users of the world's largest cryptocurrency by market cap, bulls retain that the digital coin isn't in a bear market.

First in line among Bitcoin bulls who attempted to calm the storm is a BTC enthusiast who goes by Rip VanWinkle on X (formerly Twitter). He maintained that "Bitcoin is NOT in a bear market. Not even close." He went on to explain that BTC prices are "simply consolidating," adding that the digital coin was going through a normal and "healthy" phase post-halving.

Unlike some of the biggest Bitcoiners on X, Rip VanWinkle doesn't have hundreds of thousands of followers, only over 15,000, but among them is the Bitcoin market's renowned maximalist and early adopters, MicroStrategy founder and executive chairman Michael Saylor.

Tahini's, a family-based restaurant chain that invests its profits in the digital coin, revealed Saturday that it "just purchased a boat load" of Bitcoin. The purchase was made following a week of massive spot BTC exchange-traded funds (ETFs) that shook the crypto industry. "We will continue to buy and hold Bitcoin forever," the chain said.

Toby Cunningham, co-host of YouTube channel Crypto Tips, noted that a "low sentiment" over Bitcoin's struggling price at $63,000 was "healthy" at this point.

Crypto trader and analyst Rekt Capital noted Sunday that history suggests that "the longer Bitcoin consolidates after the halving," the better it will be to re-synchronize the current halving cycle with previous halvings.

Another bull, who goes by Titan of Crypto, said that while the BTC bull run market definitely won't be a walk in the park, this particular cycle is "way less bloody" than earlier ones.

Saylor, one of the most prominent figures in the thriving Bitcoin space, wrote Sunday that Bitcoin is "digital capital," which immediately gathered engagement from Bitcoiners, both old-time holders and newbies.

The optimism among Bitcoin holders despite the digital currency's difficulties in passing $63,000 comes at a critical period. The coin completed its halving on April 20 and since then, prices have fallen below $63,000 and have been struggling to break past the said figure. As of writing, BTC prices were moving around $62,000 and $62,400, marking a stark difference from when it hit a new all-time high in March at $73,000.

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