Crypto analyst Merlijn The Trader has outlined a six-step framework on X that places BTC’s current price action directly onto the structure of the 2021 market cycle. Three steps have already been completed. The fourth, he says, is next, and it involves another Bitcoin price crash.
Bitcoin Is Now At The Most Important Stage Of The Playbook
The small consolidation phase that followed the distribution top has also been completed, and Bitcoin’s price action since late January is all in the redistribution phase. This caveat is why BTC is currently in the most important part of the technical setup. The next projection based on the setup is not another immediate rally phase, but a crash to an accumulation range much lower than current prices.
The $78,000 Line That Changes EverythingMerlijn placed that possible accumulation zone between $45,000 and $59,000. This would imply that Bitcoin still has one major downside leg left if the 2021-style structure continues to play out.
