📉 Bitcoin's Recent Collapse: A Detailed Analysis
- Expanding Triangle Formation:
- Starting at this year's high, Bitcoin formed an expanding triangle into July's low.
- The subsequent rally appears to be an X wave, though confirmation is needed to determine if wave X is complete.
- Regardless, a bearish phase is currently unfolding.
- Bear/Bull Level Correction:
- The critical "bear/bull level" was adjusted to $72,000 USD.
- Bitcoin has remained below this level and has collapsed significantly over the past two weeks.
- The size and speed of this decline suggest a potential 1-2 year bear market.
- Potential Government Regulations:
- Prolonged decline may prompt governments to impose stricter regulations on the cryptocurrency market.
- These actions could be an attempt to maintain financial control and stability.
Let's stay vigilant and prepared for the evolving cryptocurrency landscape! 🌐💡
