Bitcoin from the point of view of a bear
Updated
Bitcoin is definitely an interesting asset. Banks are interested, its decentralized, governments is getting into crypto etc. However, from todays standards of crypto it is getting kinda outdated. It is VERY bad for the environment and other crypto like Ripple are more convenient and might take over.
I feel that currently Bitcoin is very overvalued. If you look at the chart it is like 2017/2018 all over again. Now from a technical analysis point of view, Bitcoin SMIO momentum is getting close to 0 while RSI is at 80. This signalises Bitcoin being quite overbought while its momentum is slowing down. This is why im comparing it to 2018. RSI was high and SMIO was moving downwards. However I do not expect a crash as hard as 2018 to happen. I would say 25k would be a realistic price for it to be at.
I feel that currently Bitcoin is very overvalued. If you look at the chart it is like 2017/2018 all over again. Now from a technical analysis point of view, Bitcoin SMIO momentum is getting close to 0 while RSI is at 80. This signalises Bitcoin being quite overbought while its momentum is slowing down. This is why im comparing it to 2018. RSI was high and SMIO was moving downwards. However I do not expect a crash as hard as 2018 to happen. I would say 25k would be a realistic price for it to be at.
Note
Wanted to add that price is way too high on the Bollinger bands and if you believe in the Mean reversion hypothesis you should expect price to be at around 35k
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