$BTC Bears are in complete control & I’ve been saying since October that Bitcoin is not bullish at all in the midterm.
On the weekly timeframe, #Bitcoin has already broken the rising wedge and is now hovering near the 78k support.
If the 78k support breaks as well, next major target will be 55k.
Keep in mind, this is weekly analysis, so these moves will take time to play out..
I’m turning Bearish on $BTC for the midterm. However, whenever I see a short-term bullish setup, I’ll continue to share timely updates.
Let me make one thing clear — #Bitcoin bull run is over, and now late buyers are likely to get trapped.
Yes, #BTC is still moving inside the Rising Wedge, trading above the Weekly MA50, and bulls remain in control for now but the structure is weakening, and momentum is fading.
A few days ago, I mentioned a possible correction toward 100K, and many called me a clown or laughed it off. But I only share what the charts are showing, not what people want to hear.
The day Bitcoin turns Bullish again, I’ll be the first to turn bullish & when it’s Bearish, I won’t hesitate to stay bearish.
54.82K
250
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.