Bearish Bitcoin Forecast Bulls Struggle to Break Range #trading #bitcoin

29 Aug 2023 · 1 min

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In this video, the presenter delivers a bearish outlook on Bitcoin, explaining that the cryptocurrency has broken below a recent price range and is failing to re‑enter it. He points out that each attempt to move back into the range is met with candle bodies closing lower, indicating a clear bearish market structure. The speaker, who previously advocated a $35,000 Bitcoin price target and holds a sizable position, emphasizes that despite his personal desire for the price to hit that level, his role as a trader is to interpret market signals objectively and act accordingly.

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Well, obviously this whole thing is still looking incredibly bearish. And for those of you who haven't been following along the channel for the last 3 to 4 weeks, let me just break it down for you. Right here you have a range, you have broken below the range, and currently you are struggling to even trade back into the range. Every time you come back into the range, you have very clear candle body closes towards the downside. You have very clear bearish market structure at the moment. And until that changes, I'm not going to change my mind that Bitcoin is looking bearish. Now, I am one of those people for the last probably like 8 to 10 months, I've been talking about a $35K Bitcoin. Was one of the earliest ones to be talking about the fact that you should be buying here, right, right here, you should be buying. So trust me when I say that I would really love for Bitcoin to go to $35K as well because I do have quite a big bag. But the reality is that as a trader, it is our job to read and react to the markets based on whatever it is telling us in an objective manner.