- The situation for Bitcoin is terrible. There is nothing bullish at this moment. We are below the 200 weekly moving average and the main trendline from 2013 has been destroyed by the bears recently.
- The bulls are weak, and the only trump that they have is the 200 weekly moving average on the TOTAL crypto market cap chart, because the price is above this level.
- On the 4h chart we have a descending parallel channel that is well respected, so there is a possibility for another drop down in the immediate short term.
- As per my Elliott Wave analysis, an impulse wave has been printed on the chart, and this is absolutely devastating for the bulls. That's not what you want to see.
- Anyways, I think this impulse wave is done or almost done and we should go up for an ABC correction above the previous triangle to wipe out late shorts on the futures.
- Then it looks like we will continue lower to 13 000 USDT, which would be a great zone for a long position back above 25 000 USDT. However, I don't think we will hit the all-time high in the next few years.
- It looks like the bubble has popped and we are in the first real bear market in the history of Bitcoin. The first bull cycle from 2009 - 2021 has ended and we are in the first bear cycle. We don't know how long this bear cycle is going to last.
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