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Bitcoin may not be in an uptrend yet. As Michael Tarpin points out, it seems necessary to watch for a potential correction back to the $40k range before reaching $80k.
Currently, the BTC price is around $73,900, but a more substantial correction is likely to occur due to an intrinsic mechanism that drives a full recovery from here. It's not just about a short-term rebound; the process of establishing a solid market foundation is crucial.
The scenario of dropping back to the $40k range is also possible, so rather than rushing to buy, it might be smarter to be prepared for buying opportunities at that level. Considering the time it takes for intrinsic value to be recognized, staying on the sidelines for now could also be a strategic move.