1. The reason I continue to be bearish in the short term. Bitcoin's weekly chart shows the sharp downwards channel. This downtrend has been in effect since October. BTC has failed to break out of this channel multiple times.
2. So far, the demand for Bitcoin has been weak due to a poor macro economic picture. But this will not last forever. crypto
3. In order to flip bullish on BTC we need to see it break above 17k in the near term and then rally through 18k. If it does, I would consider that to be
a bullish trend change and it would show a turning point in this bear market. btc
4. IMO none of this can happen without a FED pivot. Many have discussed the possibility of one in Q1 or Q2 next year. However the turn in BTC can come sooner than that. The pivot would just confirm the trend change. crypto
5. If you like this content check out my other threads or my YouTube channel where I talk more about topics like this in depth. CryptoInvestor
this twitter thread.