Bitcoin Enter Multiyear Bear PhaseWith recent failure at $29318, Bitcoin has undergone major invalidation to its macro wave pattern. Seemingly invalidating its impulsive form, I believe the King of Crypto is due to form a big wedge/diagonal/wyckoff pattern over the next number of years. Considering the ultra aggressive drop cycle we've all witnessed, I believe Bitcoin to also be in yet another more micro version of a diagonal move was well.
With 3 big waves stretching down from $68K > $28K, we could see a sizeable return to the range of $50-$55K as a Wave 2 correction.
Denial at this level would prove as confirmation (imo) to the yearslong downside cycle.
I guess its time to see how Alt Season really operates.
Also interested to see how this affects Bitcoin's dominance on the market.
