I don't think the price wants to go down but someone has a lot of ammo. Hopefully they'll run out soon.
Short term, we are in a clear downtrend, midterm-about flat, longer term-still uptrend.
In this view btc would flatten up on the short term chart before surging higher and ultimately produce a longer cycle, terminating somewhere in Q1-Q2 2022.
An alternative, worse view, would be that we are in a longer term flat similar to the one we saw in 2018 at around 6k.
This view would suggest that we would stay relatively flat for a while before a sharp plunge, which would start the long term bull.
Personally, my opinion is neither of the two views above.
To re-iterate, I think that we bottomed for this cycle in June and the secondary top was a simple reaction to a premature top (in April) caused by China shenanigans.
Without China, we were about to go exponential in April (all signs were there) and should have finished the cycle by May or June at the latest.
Instead, we got a double hump with bull energy spent between two peaks instead of one.
Right now-we are early in the NEXT cycle, imho.
Flat city.
Very interesting thought.
Quite a vivid image: That due to the "China crash" the energy had to split between two peaks. I thinks it's valid.
After the first crash many bulls got tamed or turned bear. I felt the second run-up was met with much more caution compared to the first.
Nevertheless, many hoped (and still hope) to see the second run going parabolic like in 2013.
But moving the market is not so easy anymore.
Of course BTC's market size is one of the main reasons people flock heavily into shitcoins.
They are sniffing around like truffle pigs always looking for the next 1000x gain. Usually ending up financially broke or spiritually broke like that dude chico crypto.
In a way I see the shitcoin craze being a sign of Bitcoins big volume, a.k.a. big success.
Makes sense that almost any shitcoin couldn't reach its former ATH, when priced in BTC.
(Sorry for drifting into shitcoin talk
)
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