🔥 Making A Bearish Case For Bitcoin: 2023 Top Is In?

In this analysis I want to take a look at a more bearish crypto outcome for 2023. Note that this is not my most likely scenario. However, I think it's valuable to look at the market from different perspectives to construct a better view of the market.

As seen on the chart, Bitcoin is potentially trading in a bearish symmetrical channel. Note that the top purple resistance is an exact copy of the bottom purple support. BTC has been consolidating below this huge resistance for several weeks now, so there's always the potential that the price will reverse and we will go down.

Personally, for BTC to truly get bearish, I want the price to fall through the yellow diagonal support line. As long as we're above it the overall long term market structure is very bullish. Consequently, a break below would be alarming.

Do you think Bitcoin has topped? Or are we going up? Share your thoughts in the comments 🙏

Comment:

My most likely market scenario below: