BTC experienced an extremely sharp decline after breaking out of the bearish flag we recently identified, completing a bearish retest at 90K, then falling 33% from there. This was supported by the extremely negative monthly close we discussed on Monday, as BTC printed its first lower low in four years and closed below the 50SMA and 21EMA, leading to a rapid decline.

On Monday, we warned that this scenario could happen again because the price action closely resembles that of 2022. In other words, we had already identified negative signals in BTC's macro structure weeks ago, such as breaking a three-year diagonal trend, closing the weekly below 100K and the 50SMA, and the weekly RSI losing the critical support zone at 42, followed by a bearish retest at 98K.
Lower lows on the monthly, 2-week, and 1-week charts further support our argument that BTC is in a macro downtrend and could reach even lower levels this year, ideally between 45K and 30K. I believe BTC will find a macro bottom. We will look for another higher low in the coming weeks, which could occur between 72K and 85K, after which I plan to close positions in anticipation of lower levels.
The macro downtrend will persist and continue over the next few months until our long-term buy signals flash, although there may be some consolidation after last night's intense volatility. That said, I expect we will enter the first phase of long-term BTC accumulation in the coming weeks, and for the second phase, I anticipate the lower boundary of the DCA range drawn in the chart below.