Bitcoin has decided to not bounce nicely in the latest drop and I write this only a few hours before the weekly candle close.
If the weekly closes like this, it is really bearish.
I have warned in the last months that there is a strong possibility for bearish scenarios:
and
Unfortunately I also didn't anticipate that it would come so quickly and so violently.
So what does this mean now for the future?
This means that BTC will enter a "mini bearmarket". Normally the bearmarkets in BTC lasted around 2 years, but this one will be 6-12 months long.
It will delay the top of the bull cycle to probably late 2022, at around 250k, which will be the upper band of the longterm curved channel.
We must not worry longterm, with BTC it just means that there is a delay, and not that BTC will never reach old highs again. BTC is by nature deflationary
in a world where fiat is more and more inflationary. Do the math, it can only rise. Especially with the built in 4 year halving cycles.
Anyways, so this is my current picture if not a total miracle happens.
BTC will rebound soon because the weekly stoch RSI is super oversold. Accordingly all altcoins will also soon rebound.
So, not everything is lost, as the next months will present a nice rebuying opportunity for alts and BTC.
BTC will probably retest the old ATH top at 20k, which it never did yet.
If the weekly closes like this, it is really bearish.
I have warned in the last months that there is a strong possibility for bearish scenarios:
and
Unfortunately I also didn't anticipate that it would come so quickly and so violently.
So what does this mean now for the future?
This means that BTC will enter a "mini bearmarket". Normally the bearmarkets in BTC lasted around 2 years, but this one will be 6-12 months long.
It will delay the top of the bull cycle to probably late 2022, at around 250k, which will be the upper band of the longterm curved channel.
We must not worry longterm, with BTC it just means that there is a delay, and not that BTC will never reach old highs again. BTC is by nature deflationary
in a world where fiat is more and more inflationary. Do the math, it can only rise. Especially with the built in 4 year halving cycles.
Anyways, so this is my current picture if not a total miracle happens.
BTC will rebound soon because the weekly stoch RSI is super oversold. Accordingly all altcoins will also soon rebound.
So, not everything is lost, as the next months will present a nice rebuying opportunity for alts and BTC.
BTC will probably retest the old ATH top at 20k, which it never did yet.