We continue to slump and dump with Bitcoin and we just formed an official death cross January 15th. If anything this can indicate we still have a bit more negative price action to come as we battle to hold above $40,000. Our trend remains down and we continue to register market sentiment at extreme fear. I believe we can climb down to $37,000 though our best case scenario is to hold above $40,000. We're also pretty oversold on the Stochastic RSI currently in the trough zone.
Is this the start of a bear market? I personally do not think so it's still too early to tell. Fundamentally there's a tsunami of interest, adoption, and development that continues to pour into the cryptocurrency market. Especially when it comes to NFTs, metaverses, and crypto gaming will bring forth more waves of new investors of all kinds into this space which always directly and indirectly affects Bitcoin.
Is this the start of a bear market? I personally do not think so it's still too early to tell. Fundamentally there's a tsunami of interest, adoption, and development that continues to pour into the cryptocurrency market. Especially when it comes to NFTs, metaverses, and crypto gaming will bring forth more waves of new investors of all kinds into this space which always directly and indirectly affects Bitcoin.
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