I’ve never notice that Bitcoin chart is setting up for a pullback to 20k, possibly 15k. This is a big picture move, over the next year. Unless June has a lot of momentum pump into bitcoin, it’s definitely a good chance that it heads to 20k. Had a MACD cross down on the monthly confirmed, and now the stochastic RSI just peaked below 20 with a cross down on the monthly. Only 2 other times that has happened, and both times ended with a greater than 50% pullback. But those pullbacks took a year to play out. Basically bear market for a year and price steadily declined. If bitcoin closes below 29k in June, there will be a lot of opportunity for shorts. The alt coin market will get wrecked.
The only thing that will save anything is the NFT market and metaverse/gaming plays. So I think it will be quite different than last bear market as far as such dramatic fall offs, but alts will still get wrecked. Just my opinion for what it’s worth, you don’t have to agree with it, but it’s what I see.
Image Source: Screenshot from coingeckgo app.
