Why I remain bearish on Bitcoin:
1. **Chart Pattern**: The current Bitcoin chart is forming a "door" shape, indicating a potential downward movement once the top of the door is drawn.
2. **Indicator Misinterpretation**: Many traders misunderstand indicators, especially on larger time frames like the 1-hour or 4-hour charts. These might show an upward trend, but price movements can be deceptive.
3. **Historical Price Movements**: Bitcoinâs past behavior often repeats, signaling a possible decline based on previous patterns.
4. **Rising Bullish Sentiment**: There's a daily increase in news promoting bullish sentiment. Retail investors heavily favor long positions, and while shorts are declining, many of those still holding short positions are likely trapped and waiting for relief.
5. **Election Year Factors**: The Biden administration is unlikely to make drastic policy changes to improve the economy before the election. If changes donât work out, it could harm votes for Kamala Harris. Additionally, the US has its hands full with economic tensions with China, and unresolved issues with Russia, Ukraine, and Israel.
6. **Bitcoin's Volatility**: Bitcoin is a virtual currency that sometimes follows the dollar index and other times tracks the stock market, making it unpredictable. Occasionally, price movements seem orchestrated.
7. **Extreme Sentiment Risks**: When market sentiment or data only points in one direction, it usually signals the start of a reversal.
8. **Personal View**: As someone with 9 years of experience in the crypto world, I lean on technical indicators and macroeconomic analysis. Though Iâm not one of the oldest in the space, Iâve survived long enough to have my unique perspective. Based on this, I remain bearish on Bitcoin.#Write2Earn! #BTCâ #Write2Earn! #bitcoinâïž
