Bitcoin is probably headed lower.
Looking at Bitcoin on the daily chart, zoomed way out. I see a huge Bear flag pattern formation with a measured move putting us around 20k. We had a failed bounce within the channel last week ending on Friday. BTC has been mirroring SPY's big moves. There is a slight possibility we head back up into the channel temporarily to around 45k before another dump based on how the daily SPY momentum is looking. I think any bull rally will be short lived. I see the SPY also headed lower, possibly back to pre-covid highs which will drag bitcoin down with it.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.