BEARISH 📉 : Bitcoin’s five-wave decline suggests potential end to selloff

Bitcoin's recent decline from its all-time high is likened to the 2022 downturn, but experts argue the similarities are superficial. TexasWest Capital CEO Christopher Inks suggests the current move resembles a completed five-wave decline, unlike the structural breakdown of 2022.

Key Points:

Inks claims the current decline has completed five waves down, followed by a corrective phase or base-building, rather than an immediate drop.
The 2022 crash was linked to the TerraUSD depeg, causing market dislocation. Recent selling was due to risk reduction, not crisis-induced.
Inks emphasizes understanding the differences between similar-looking events to avoid misconceptions about manipulation.
Bitcoin hasn't reclaimed a weekly close over $75,000, suggesting a "terminal shakeout" rather than a deeper trend.
For confirmation, Inks looks for stability over the next 2-3 weeks with declining volumes and higher lows on the weekly chart.
Rates positioning also suggests a pre-resolution scenario, supporting the idea that last week's selling wasn't crisis fallout.
On lower timeframes, Bitcoin is consolidating around a weekly pivot, indicating the need for patience as confidence rebuilds post-recovery.

At press time, BTC traded at $68,639.