$BTC BEARISH
I published my analysis a few months ago, projecting that Bitcoin will decrease sharply from $72,000 to $67,000, and ultimately to $53,000. I'd like to offer an updated assessment on the state of the Bitcoin market today.
I'm still skeptical of Bitcoin for a number of reasons:
1. **High Transaction Fees**: Investors are finding Bitcoin less appealing due to the rising fees.
2. **Market Outflow**: There is a discernible capital outflow, suggesting a decline in interest and a rise in fear.
3. **Monthly Red Candles**: The monthly charts with consistent red candles show a strong selling pressure in the market.
Furthermore, Mt. Gox's continued repayments, which involve large BTC transfers, imply that other major participants may decide to do the same. This can result in increased fear and further market manipulation.
