This is basically the last hope for the Bitcoin cycle...

It's Bitcoin relative to equal-weight S&P 500 (BTC/RSP).

There's still an opportunity to produce a "breakout, retest, rebound" setup on the prior all-time highs from last cycle.

But here's where it gets nuanced...

The "breakout, retest, rebound" setup is a bull market setup.

And Bitcoin is no longer in a bull market since it fell below the 2-day 200 moving average cloud (or the 50-week MA cloud, take your pick).

But hey, even if it does actually rebound on this zone...

Wouldn't that just produce a potential head & shoulders topping setup?

If it breaks, the implication is for a return to the Aug.'24 lows.

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