Despite Bitcoin having already come down hard, there is nothing on the Higher Time Frame charts that suggests the slightest whiff of a trend reversal. Therefore the most probable thesis is that BTC is currently in a .
With US equities 'waterfalling' down to their next logical support levels (Dow @ ~ $18K), it is likely that Bitcoin will follow. Bitcoin is not a Safe Haven asset, it is one of the most speculative high risk assets around. If everyone is frightened and broke cos there is a huge recession on, then the Market Makers can no longer feed on the public, by luring them into a FOMO ramp. They therefore have to feed on the retail and/or semi pro traders out there, many of whom think $3K is the bottom.......My thesis is that all these retailers and semi-pros are going to pressured into capitulation, with a litte trip down into sub $3K territory.
High risk trade.
Stops must be placed and observed
and again, don't even think about entering until all the confirmations are in place.....