After two weeks of bearishness, BTC is closing in rapidly at the red support area on the chart. In addition, if this week closes red as well, it will be the first time in over 13 months that we have 3 consecutive weeks in a row.
I'm expecting BTC to drop further from its current point. There's still a lot of fear in the market with everything related to Greyscale, stock market, new corona variants. However, I'm not expecting a significant drop below 28k (a strong wick might still be possible).
I'm keeping my eyes peeled at the 30k-28k support area. In another analysis I was comparing previous bull-cycles to the current one, which makes me believe that we're currently in a mid-cycle bear-market. See my analysis below.
At the moment, the best we can hope for is a sharp drop which will function as the catalyst for investors to scoop up cheap alts and BTC.