I am not sure what is needed to officially announce the bear market but I believe we are already in the middle of it.
In traditional markets, some say that a bear market is indicated when a 20% price drop occurs within a 60-day period. This downturn is typically the result of investor pessimism related to a loss of confidence in the overall performance of the market prices.
Bitcoin held up nicely between $42-45k but fell now to $39k. As you all would know Bitcoin reached its ath not too long ago of $69k.
So I am not sure what we are waiting for, do we need a crypto VIP to tell us that the crypto winter has started?