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Is Bitcoin Dead?
In this special episode (just like we did with Ethereum the other day) we look at where Bitcoin is now in the big picture.
Therefore we take our Fibo-tools, and we measure the move up from 160 & 1.000 dollars respectively, up to 20.000 dollars, and determine: are we still in a core-bullish trend, with a bearish side trend, or is this already a core bearish trend?
Here we can take a few notes: Bitcoin has made an almost 20x move in just under a year, and following this exponential move, we got a non-linear correction, which is right now building a descending pattern, of which we will definitely see a break coming.
If this breaks comes to the downside, 5.000 or even 3.000 dollars are possible; but as you can see, even in that worst-case, the picture doesn't look that grim like some analysts are painting it on the wall.
To the upside we have the 7.400 as the lower highs in the weekly, of which the break could signal the next phase for Bitcoin.