What's going on with Bitcoin? This is the end? Has a bearish cycle begun?

BTCUSDT
Education
10 month(s) ago
figure #1
The overall picture will largely depend on whether the June 21 low is updated.

The first cryptocurrency continues its rather aggressive fall and, if you look at the situation locally, from a historical maximum of 69k. then we have an obvious initiative on the side of the bears. In fact, Bitcoin has already lost more than 50%.

Moreover, the last price drop has shifted the balance point so far that now everything looks very sad...

Now, in order for the bulls to regain themself the initiative, the price of Bitcoin must be above 45k. (Should holds above the black line on the chart).

If we consider the situation since the local minimum of June 21 (marked with a red tick), Bitcoin still has a chance. In this case, two scenarios can be considered:

  • If Bitcoin updates the low of June 21. (the price will be holding below the red line on the chart) - this opens the way to the 20k area for Bitcoin (this scenario is marked with a blue curve.) But at the same time, it is possible to see, for example, a "false breakdown"

  • If Bitcoin fails to make a new low from June 21, then there is every chance to see a more significant increase and even a new all-time high since technically we will remain in an uptrend ( this scenario is marked with a black curve)

To summarize, at the moment the situation with Bitcoin has worsened. The overall medium-term picture will largely depend on whether the June 21 low is updated.

But one way or another from the area in the region of 30k. there is a good chance of seeing some growth.

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