While Bitcoin has "bullish potential," we are still looking at a bearish Bitcoin. Bitcoin is considered technically bearish mainly because the action is clearly happening below $70,000 and also below the most-important EMA55 on the daily timeframe.
As long as Bitcoin remains trading below these levels and indicators a sudden crash can unravel anytime leading to a test of support or worse. Since there is no higher high present, not even a local one, a crash can lead to a new major low thus $50,000, $40,000, etc. The continuation of the bearish market in full force.
The RSI is extremely weak with a reading of ~35. This does not support growth, while the MACD is trading literally at bottom prices. One of the worst possible conditions ever.
If a crash develops now and Bitcoin keeps going down for months and months and months, do not be surprised. You've been warned.
The market can change in a flash, so be ready and prepared! Maker conditions can always change.
Do what you have to do to protect yourself.
The worst is yet to come.
Namaste.
