Welcome to The Bitcoin Forecast #52.
This is a short interim update, from my last letter. Not a lot has changed, we are still waiting for demand to come back into the market.
Top level summary for 11th Mar 2022 (current price $39.1k):
> Structural summary: Institutions and large holders continue to sell down.
> Price action expectation: Bearish until we see signs of demand coming back into the market.
> Personal opinion: There’s no question we are in a bear market due to the duration of the sell-off. There’s never been a bottom of a bear market in BTC without a capitulation event, so I think there is a high probability
that this region breaks down and we test lower lows before accumulation takes place to setup for the next bull cycle.
All the best.