Price action on BTC is mirroring the 2nd half of 2021, wave analysis remains bearish, bearish momentum divergences are increasing, regulatory headwinds are getting stronger, sentiment is high and traders are becoming increasingly arrogant, memecoins like PEPE are echoing SHIB, BTC is stuck under a multi-year resistance line, fundamentally there are still several firms which have a very high probability of bankruptcy lurking about (Microstrategy, DCG, etc.).
It seems like these degenerate over-leveraged firms must be taken out before we can begin the next bull market. Smart money is waiting to buy their blood before pushing through regulatory clarity next year. Then a fundamental shift can happen and the real bull market can begin. After 2-3 years of bear market and an 85% drop in price, sentiment will finally be low enough for the market to find a true bottom, and this bear market will be similar time and size as the previous bear markets.
Longer-term wave structure, while not being specifically clear and giving many different possibilities, sets us up with a perfect Rule of Reserve Logic scenario which indicates that we are not at the end but near the middle of the bear market. Shorter-term wave structure seems to be mimicking wave-b, indicating we are at the end of this wave up which began in January.
All signs continue to point towards a bearish continuation happening relatively soon.