Bitcoin - Potential Fall To 55-56K before Wave 4 Bottom

7 mag

Based on the technical structure of bitcoin, I do not think the bottom is yet for bitcoin (wave 4). There is a major trendline that I believe we will retrace and retest before the bottom is in, which seems to be around the 55K area. This trendline has dictated a key area between the bull market and bear market in the last cycle. The RSI on the weekly timeframe has also not reached major support. Every time that support area has been hit during this bull run, a bottom has formed. There is a good likelihood that we pump to around 67-68K and then retrace from there back to 55K.