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Bitcoin/BTC Bull to end here? Next target 6,000?

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BTCUSD Weekly Chart Analysis
9:00PM EST

Bitcoin momentum has been waning over the past few weeks with a rounding top pattern forming. While the 9 Exponential still seems to be holding the price, the Bulls have lost their steam and there has been a drop-off in volume preempting a major move on the horizon. The simple fact that Bitcoin has rallied this far this quick so far away from the halving event suggests that this rally could be short-lived with a return to a floor around the 6k level. Wall Street stated earlier this year that they saw a 5k Bitcoin at year end and it seems now that the long term support is around the 5500-6000 level cooperating their claim. With outside markets, IE the major stock indexes waning as well in terms of new money being introduced into the market, I speculate that easy money will flow into other assets and out of Bitcoin for the time being. This could potentially dawn a new "altcoin" boom as institutions see greater short term profits to be had outside of Bitcoin, especially for the top coins in market cap and liquidity.

That said, we are adjusting our short to medium term outlook to Bearish and speculate that Bitcoin will find its floor around the 6,000 level building a stronger, longer term base for a rally closer to the halving event.

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Nota
Taking the position at this point that BTC continues upward trend, however, at a steady pace. New Charts to follow.
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