Bear Market for BTC
The bears are raging in Bitcoin Land. Last week marked the second weekly close below the important EMA-50 trend—the average price of the last 50 weeks. Historically, that has always signaled the onset of a bear market. On top of that, we’ve now dropped more than 20% from the top, which is the classic threshold for bear territory.
How deep will it go from here?
The 74k level from this spring is a crucial line in the sand. If that doesn’t hold, we could slide down into the high-50s, where the lower band of the long-standing Power Law Trend sits, a structure that has held since Bitcoin’s early days.
My own expectation is a deeper correction, around a 50% drawdown, which would take us into the low-60s range.