Bitcoin prices has been dropping since it's all time high top. Coincidentally (or not), the all time high date was the day that started. From then, we have so far dropped from 20k down to 6k and bounced. But that bounce had retraced quite a bit and it seems that BTC is heading further down from here. The 50 days moving average is going to cross over the 200 days moving average in the next few days and that usually signals a outlook for the medium term. index also shows consistent strength in the selling and not looking to ease any soon. Then, we also have the large formation confirmation where BTC had pierced thru the neckline. We shall see if it can return back up above the neckline and save itself or simply resigned to it and the neckline becoming a resistance.
Based on an educated guess, I and seeing BTC heading towards the $1000-$2000 levels before the bear market is concluded.
This chart is only for educational purpose and all opinions are expressly my own.