Bitcoin (CRYPTO: BTC) is down to $68,000, with the recent rally only a relief bounce within a broader bearish market structure, according to a prominent analyst.
Competing Market Narratives
Trader Mayne said on Thursday Bitcoin’s rebound from the Iran conflict lows has created two opposing narratives in the market.
One group believes the breakout signals the end of a multi-month range and the start of a move higher.
The other views the rally as a temporary bounce within a broader bear trend.
Mayne sides with the bearish higher-timeframe view, arguing that Bitcoin recently confirmed a monthly …