The weekly chart of Bitcoin suggests that a potential ABC correction may be underway. This correction typically starts when the token faces rejection at its all-time high (ATH) and leads to a drop in price. The decreasing trend volume indicates that prices may continue to decline to complete the ABC wave pattern, potentially causing a crash for Bitcoin and other altcoins.
Despite the bearish outlook, there is some hope in the formation of the Relative Strength Index (RSI), which shows that bulls are still trying to push back against the bearish trend. The next few days will be critical for Bitcoin’s price rally, as it will likely follow the trend set by either bulls or bears. This trend could have a significant impact on the cryptocurrency market for the remainder of 2024.