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Fragile but Hopeful: Assessing Bitcoin’s Bullish Case Amid Market Uncertainty

Fragile but Hopeful: Assessing Bitcoin’s Bullish Case Amid Market Uncertainty
The article discusses the current price action of Bitcoin and highlights a fragile but not impossible bullish case. The primary bullish structure relies on a leading diagonal pattern, with two of the required five sub-waves developed so far. However, a pullback is expected even if a perfect diagonal emerges, keeping the bearish thesis alive. The article emphasizes the importance of Bitcoin maintaining its contracting diagonal characteristics. Indicators suggest that Bitcoin may have found a local bottom, and there is an argument for an intermediate-degree 5th wave in progress. The analysis of a crypto analyst supports the bullish case, with Bitcoin's price trajectory aligning with a historical Livermore speculative chart. Bitcoin is currently in a structured uptrend, and key levels suggest the potential for exponential growth beyond $1 million before a future correction. Nation-state adoption of Bitcoin also influences its long-term course, with growing adoption supporting the bullish outlook.

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