The bear market is really powerful and steep. It appears that with this speed we will definitely hit 13k next month, or the price may print a triangle before another leg down!
The dollar is extremely strong and everyone is escaping to cash because cash is king? I don't know, you tell me. Bonds are rising and so are interest rates.
I am pretty confident we have a massive support at 13k, which is a great buying opportunity for a mid-term bounce!
On the chart you see the potential for a textbook impulse Elliott Wave, which is a sign of the start of a huge bear market, not the end.
After we hit 13k, I expect an ABC retracement back to 25k as a wave B and then another impulse wave downward to 3k-6k. I know it seems crazy, but it can happen as per Elliott Wave rules.
This bear market can last kindly 4-7 years, and after 10 years we can reach new all-time highs, which will be the longest bear market in history.
The bull cycle 2009–2021 is over. The bear cycle 2021-2026 begins?
This analysis is just a scenario, and I would love to be wrong. I really don't want bear markets. This is really the last thing I want. *For more analysis, hit "Like" and "Follow"!
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Bitcoin to 3000 USDT? See my analysis, why it is possible!
@Tolberti well said, you're right, and it's good that you're able to quickly change the viewpoint -- the markets are always changing, only those that are the most flexible, able to change from bullish to bearish in a minute, can survive. Being inflexible gets punished, right?