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

29 Aug 2023 · 1 min

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In this video, The Art of Crypto provides a technical commentary on Bitcoin’s recent price action, arguing that the market remains bearish. He points out that Bitcoin has broken below a previously established price range and is failing to re‑enter it, with each attempted rally closing with bearish candle bodies and a clear down‑trend market structure. The presenter revisits his long‑standing $35,000 price target—first mentioned eight to ten months ago—and discloses that he holds a sizable position that would benefit from such a move. Nonetheless, he emphasizes that a trader’s duty is to interpret market signals objectively rather than let personal bias dictate the outlook.

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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.