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BTCUSD is in a downtrend which may not be over yet as we see another push out of a minor bullish channel which signals a continuation down. Ideally market is breaking down into the fifth wave of an ending diagonal which can look for a completion of a bearish cycle at 12k-14k. Normally this wedge formation causes a sharp turn in price, but we will still need an impulsive bounce on a smaller time frame before any change in trend can be confirmed.
Any earlier rebound and rally back above the 21500 level might be a signal for a completed 5th wave. It appears that bitcoin can see some nice turn-up in 2023.

If you want to know what is our higher time frame view on BTCUSD and other markets, please check our video below; the 2023 Elliott Wave Forecast

Video Length: 00:51:48
 

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