The Bitcoin market has finally fallen below the previous low of 74508. We discussed this issue on January 31, which, from a trend theory perspective, means that the factor for turning bearish is to break below the previous low.

Why I believe that the Bitcoin market will definitely drop below 74500!

Let’s start from the beginning.

Dow Theory has a basic definition of trends: an upward trend has peaks higher than the last, and the bottoms are rising. A downward trend has peaks lower than the last, and the tops are decreasing.

As shown: since the end of November 2022, Bitcoin's weekly chart clearly shows that the bottoms are rising, and the last elevated bottom is 74508. For a bear market to be confirmed, it must at least drop below the previous bottom (i.e., 74508).

There is a high probability that this bear market will bottom out within the range of 49000 to 69000. #BTC