BTC / Bitcoin Case for Bearish Downturn and End of Cycle
Were currently in a ranging area of support for Bitcoin, and have had a few days of upward momentum. All in all things are looking relatively bullish, so I thought I would take the time to throw shade on all of that and post the first bearish chart.
This is a challenge for me - I am naturally bullish on BTC at all times and so finding a bear case is important to counter that thought and give some context to my trades. So here is an example.
Similar to 2017, we see a price reversal (what we are witnessing now) followed by price drop removing all supports and confidence in the market. That sets us for a mutli year bear trend before next cycle.
$20k support in this example fails eventually and we enter deep bear territory resulting in a price low of $9.6k meme target for the CME gap. At this price most believe BTC is dead, and the price recovers soon after.
I should say that I dont think $9.6k is achievable, but then this is crypto. If I believe $140k - $400k is achievable, then I have to believe $9.6k is too.
See related ideas for Bull Case and continuation
Were currently in a ranging area of support for Bitcoin, and have had a few days of upward momentum. All in all things are looking relatively bullish, so I thought I would take the time to throw shade on all of that and post the first bearish chart.
This is a challenge for me - I am naturally bullish on BTC at all times and so finding a bear case is important to counter that thought and give some context to my trades. So here is an example.
Similar to 2017, we see a price reversal (what we are witnessing now) followed by price drop removing all supports and confidence in the market. That sets us for a mutli year bear trend before next cycle.
$20k support in this example fails eventually and we enter deep bear territory resulting in a price low of $9.6k meme target for the CME gap. At this price most believe BTC is dead, and the price recovers soon after.
I should say that I dont think $9.6k is achievable, but then this is crypto. If I believe $140k - $400k is achievable, then I have to believe $9.6k is too.
See related ideas for Bull Case and continuation
