Bitcoin market outlook.
Weekly RSI suggests that we are close to the bottom measured against USD. Either way we'll have to test the low 60k range once more.
If we follow the 2018 bubble burst the bottom is already in.
If we follow more the 2022 bubble burst we have another 10 to 20% of headroom, meaning we soft land around 50-55k.
Greetings to the 58k gang?
For "reasons" I currently lean into the 2018 thesis. Retail is nowhere to be seen. So this is a bubble "burst" with institutional capital outsmarting each other. Most easy thing is to front run with freshly printed money.
Adding to that the massive spree of shorting the market through all means possible, which comes at a cost of a slightly higher bottom.
TheWave
