Bitcoin Analysis in the Medium and Short Term

Bitcoin at the Fundamental Level

Bitcoin and the cryptocurrency market in general continue to face significant pressure. Bitcoin's price has fallen below $82,000, after reaching a historic high of nearly $126,000 last month.

A state of extreme fear prevails in the markets, with the cryptocurrency fear and greed index dropping below 10.

With many wondering whether cryptocurrencies have officially entered a bear market, analysts are closely monitoring further declines, with some predicting Bitcoin could fall to $60,000.

The sharp decline in Bitcoin since last month has been a result of investors reducing the value of their cryptocurrency holdings and averting risk, in line with what has been seen in most major asset classes.

Bitcoin Technical Analysis:

It is currently trading near $82,000 at the lower boundary of the descending price channel on the daily timeframe, and is very close to completing a shark harmonic pattern. We can start buying with very low risk from the current price up to the $80 level.

We anticipate some corrective upward movement near the upper boundary of this channel, around $90,000 to $93,000. After that, we can start selling again, targeting $70,000 to $67,000 per coin.

It is possible to start buying when reversal candles form on the daily or four-hour timeframes.

The bullish scenario will fail if the $74,500 level is broken. In that case, the scenario could extend to a shark pattern, reaching the $67,000 level before a correction.