Burst bubbles usually stabilise at their long term trendline (red) and long term mean (blue).
Elliot wave count agrees.
Wave 2 was a sharp correction; therefore wave 4 should be flat.
Buy the dip becomes sell the bounce .
All TradingView / chats / forums are predicting 8K, and then some magical bounce.
Bulls are getting teased.
Furthermore, long/short ratio is 1:1 on Finex - down from 3:1.
Everyone is calling for 8K - but surely everyone can't be right.
650 million USDT printed since 14 January.
Coincidentally, that's when BTC started dropping.
People started cashing out to USDT.
USDT value increased.
Uh, oh...USDT needs to be 'stable'...it needs to be 1:1 with actual USD.
Let's print some more USDT to reduce its value.
However, in doing so, Tether is effectively propping up the value of BTC.