This is my bearish scenario for Bitcoin in the short to medium term (Long-term, I remain bullish ).
In my opinion, it looks like BTC has been forming a descending triangle since the June 18th low.
Even though it looks as though BTC has broken out to the upside, I believe there is a possibility that this could be a false breakout.
If this is a false breakout and the price of BTC falls back into the triangle and breaks below support, I believe the price will eventually bottom down near $12k.
Although I believe this is possible, I would put the probability of it happening at 30% to 40%.
With all of the macroeconomic turmoil we have been seeing lately, Bitcoin has actually held up pretty well.
But my belief is that we have not seen the worst of it yet. I feel there is a chance that the stock market has not yet bottomed, and we could see another leg lower.
If this is true, it most likely would pull BTC down with it.
As I said, I remain bullish long-term but don't expect the next bull market to begin until sometime in 2024.
In my opinion, it looks like BTC has been forming a descending triangle since the June 18th low.
Even though it looks as though BTC has broken out to the upside, I believe there is a possibility that this could be a false breakout.
If this is a false breakout and the price of BTC falls back into the triangle and breaks below support, I believe the price will eventually bottom down near $12k.
Although I believe this is possible, I would put the probability of it happening at 30% to 40%.
With all of the macroeconomic turmoil we have been seeing lately, Bitcoin has actually held up pretty well.
But my belief is that we have not seen the worst of it yet. I feel there is a chance that the stock market has not yet bottomed, and we could see another leg lower.
If this is true, it most likely would pull BTC down with it.
As I said, I remain bullish long-term but don't expect the next bull market to begin until sometime in 2024.