Before we go into this analysis I want to make clear that I'm still bullish on Bitcoin. Both in the near and distant future. In my opinion, the bull-run is currently seeing a mid-term correction. See my recent market cycle analysis for more info.
This analysis is made to share my perspective on the future BTC price in case that 65k was indeed the top, and we're facing a multi-year bear market. Thus being the current worst case scenario.
As we can see on the chart, Bitcoin has formed a perfectly symmetrical bullish channel on the weekly logarithmic time frame. In case of a prolonged bear-market, I wouldn't be surprised if we'd see BTC touching the channel's support somewhere late next year.
The channel support would be in turn an amazing area to buy back into the market. Furthermore, in case we're going back up, the top of the channel would be a very decent exit signal too.
Happy trading!
This analysis is made to share my perspective on the future BTC price in case that 65k was indeed the top, and we're facing a multi-year bear market. Thus being the current worst case scenario.
As we can see on the chart, Bitcoin has formed a perfectly symmetrical bullish channel on the weekly logarithmic time frame. In case of a prolonged bear-market, I wouldn't be surprised if we'd see BTC touching the channel's support somewhere late next year.
The channel support would be in turn an amazing area to buy back into the market. Furthermore, in case we're going back up, the top of the channel would be a very decent exit signal too.
Happy trading!
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📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: www.fierytrading.com
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