Despite everyone posting bullish charts for crypto on X, I do not think BTC runs higher here.
To me, the chart looks exactly like the fake out that happened before covid where we have a fake move higher and then a large capitulation move lower.
We have not managed to break the highs at $66.8k, and even if price manages to do that, it would need to break the $71k resistance in order for the structure to change into a bullish one.
As long as we’re below both of those levels, I’d stay cautious.
I think the most likely outcome is that we see a move lower into the $52k region or $42k region which should mark a final low for this cycle.
The bull market starts in crypto after the next capitulation move.