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.
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
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