Bitcoin is forming the wedge pattern, as we see it slowing down within final 5th wave by Elliott wave theory.
Bitcoin with ticker BTCUSD is in a downtrend which may not be over yet as we see another push out of a minor bullish channel which signals for a continuation down. Ideally market is breaking down into the fifth wave of an ending diagonal which can look for a completion of a bearish cycle at 12k-14k. Normally this wedge formation causes a sharp turn in price, but we will still need an impulsive bounce on a smaller time frame before any change in trend can be confirmed.
Any earlier rebound and rally back above 21500 level might be signal for a completed 5th wave. It appears that bitcoin can see some nice turn up in 2023.
![Bitcoin Is Forming The Wedge Pattern BTCUSD Daily Chart](https://cdn1.wavetraders.com/wp-content/uploads/2023/01/btcArticleD.png)
If you want to know what is our higher time frame view on BTCUSD and other markets, please check our Exclusive Video below; the 2023 Elliott Wave Forecast
Cannabis stocks are becoming attractive. Check our Cronos chart HERE