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In our previous Ethereum analysis Bitcoin Selling Off As Predicted! Watch These Levels we made a bearish prediction, calling for a possible -12% dump in the value of Bitcoin sooner or later.
However, what we are witnessing right now is a bounce in price from that $22,349 key level in the 4-hour timeframe. But while many might be screaming “this is a sign of bullish continuation for Bitcoin”, over here at Bitcoinsensus, we still believe there is a very high probability for this price to collapse in the coming days.
And in this Bitcoin analysis, we will be talking about the key levels we are currently watching as well as the invalidation points to this our bearish bias on Bitcoin.
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Bitcoin Bearish Prediction!
We believe there is still a very high probability that this price surge might be a fakeout and we should be expecting the move lower to continue in the coming days.
However, to thread on the path of caution, we will be breaking down why we believe the Bitcoin trend is bearish and at what point in time on the price chart this bearish bias could be invalidated.
Bitcoin Invalidation Point
For us, our invalidation point for our Bitcoin bearish prediction is the $23,764 previous highs.
As far as the Bitcoin price continues to trade below this 4-hour key level, our bearish bias on Bitcoin remains valid.
We believe there is a very high probability that this bullish surge might be a price shakeout for weak traders, but once over Bitcoin might resume its downward trend in the coming days.
Final Verdict!
We are bearish on Bitcoin and will remain as far as the BTC price continues to trade below the $23,764 previous highs in the 4-hour timeframe.
A break above this key level invalidates our bearish bias on Bitcoin.
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