The whole crypto market and Bitcoin are crashing, and it looks like 2025 will be a very red year! From a bitcoin cycle's perspective, bitcoin has entered a bear market.
Let's look at the latest technical analysis on the 6H chart. Bitcoin hit a new all-time high on January 20, exactly the same day as Trump's first day in office. Thereafter, Bitcoin has been crashing.
Currently, the price prints a bearish flag on the 1H chart and a descending channel on the 6H chart.
As long as Bitcoin is inside this descending channel, we have to stay bearish and trade with the trend until the end.
This bear flag is also a problem because you would rather not see such patterns in a bull market in general.
My next target is 72k, from here we could expect a bounce. Why 72k? Because it's the Fibonacci retracement of the previous major wave from 49k to 110k.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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