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$BTC Everyone is turning very bullish, which is not good for the crypto market. With the upcoming bloody September, we have a strong confluence to sell Bitcoin with the current price of 63,800. Why are Bitcoin and whole crypto in a bear market? On the chart, we can see that the price is printing lower lows and lower highs, which is by definition a downtrend. It has been like this since March 2024, and nothing has changed since then. We can see that the price is inside this descending parallel channel on the daily chart. There are no signs of strength in higher timeframes! Bulls didn't prove their strength yet, so to me it looks like a bull trap, and we will see a 30% crash! From the Elliott Wave perspective, we have an ABC correction so far, and it's too early to tell if this will turn into an impulse wave or not, but right now this is a corrective structure. The problem is that everyone is turning bullish again; everyone sees a huge bull market, but usually the market does the opposite. Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
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