#Bitcoin #BTC 🚀💰may be looking pretty bullish, but don't get distracted. Price is forming a bearish distribution pattern within a bearish parallel channel as you can see on the chart. Now the odds are in favor of another crash. I say this not only because of the price action, but also because of Elliott Wave Theory: According to my wave count, I expect Bitcoin to complete wave (C) with a 1:1 Fibonacci extension level. Also look at the previous waves: waves (B) at this point look like a bearish ABC pattern.

Why is 58K important? We have a significant swing low from March 5, 2024, and there is clearly plenty of liquidity and orders from retail traders. Whales need to constantly strive for high levels of liquidity as this is their only chance to buy #Bitcoin 💵for a large amount of money. They want to buy as many bitcoins as liquidity allows and then send the price to the moon.🚀💰