I think that Bitcoin is going through a distribution phase. To me this chart is a general guidance of what to expect from Bitcoin next. The chart is preparing for a downtrend. This is when institutions and big money starts stacking short positions way before the meltdown even start. In such phase, the market shows a sign that the supply is coming in. Overall, I think Bitcoin would visit 20k again. This will happen through phases, and in the meantime I think we are in phase B, which is a drop and followed by a price jump to wipeout the rest of the demand (engineered move) but then reverses rapidly. Retail money will start shorting at this point, but smart money kicks in and gives you a fake or a baby uptrend to keep stopping people out. Then the last point of supply starts and the downtrend goes on from there. This is just my analysis based on that chart.
Comment:
Market Update: we are seeing the bounce back up right now. I want to see if it would push one more time above 38k and possibly all the way to 40k again. After this pull back we should see Bitcoin start going down again making it all the way down to 20k and possibly to 18k over time and again it would happen through phases. So far this idea is still valid and in play, you can still use the chart as a general guidance.