Bitcoin Chart Screams 2022 Bear Market, Until You Notice What’s Missing

3 hours ago

Bitcoin’s latest drawdown from its all-time high i

Bitcoin Chart Screams 2022 Bear Market, Until You Notice What’s Missing

Bitcoin Chart Screams 2022 Bear Market, Until You Notice What’s Missing

Bitcoin’s latest drawdown from its all-time high is being compared to 2022 across crypto Twitter (the similarities are obvious), but some technicians argue the similarity is mostly superficial. In a series of posts, TexasWest Capital CEO Christopher Inks said the current move looks like a completed five-wave decline tied to a positioning washout, not the kind of structurally driven breakdown that defined the 2022 unwind.

Has Bitcoin completed 5 waves down? | Source: X @TXWestCapital
Bitcoin hourly chart Source: X @TXWestCapital
Bitcoin closed above the 200-week EMA, 1-week chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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