Unfortunately it seems Bitcoin is following a similar pattern of price action as it did in 2018 during its near 50% correction during a long and drawn out bear market.
This consolidation before dropping below support has incredible similarities, and could come into fruition within the next few weeks if price action continues this way.
Especially considering the bearish BTC narrative, and how accurate retail and traditional analysts have been with their forecasts, I think this situation is more than likely to play out...
Just one thing to consider, if you hadn't already noticed this is in fact an inverted price chart. BTC doesn't look so bad right now, everyone being bearish isn't a bad sign, and a bear market isn't guaranteed.
This is not an indication to be bullish, it's just a thought that anything could happen!
This consolidation before dropping below support has incredible similarities, and could come into fruition within the next few weeks if price action continues this way.
Especially considering the bearish BTC narrative, and how accurate retail and traditional analysts have been with their forecasts, I think this situation is more than likely to play out...
Just one thing to consider, if you hadn't already noticed this is in fact an inverted price chart. BTC doesn't look so bad right now, everyone being bearish isn't a bad sign, and a bear market isn't guaranteed.
This is not an indication to be bullish, it's just a thought that anything could happen!
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