Craig Cobb says the market continues to look overwhelmingly bearish, and from his perspective, the recent price action has only reinforced that view. While many investors disappear when prices fall, Craig says these are the periods that get him most excited because they create opportunities for long-term accumulation. Having remained largely in cash throughout the downturn, he is now watching closely for signs that Bitcoin could offer a more attractive reentry point.

The key level Craig continues to focus on is the $74,000 area. This zone previously acted as major resistance before becoming support following President Trump's election victory rally. Last week, Bitcoin broke below that level and has since struggled to reclaim it. On both the daily and weekly charts, Craig sees a clear pattern of lower highs and lower lows, with the two-week timeframe also showing what he considers a textbook downtrend. To him, the trend remains firmly bearish until proven otherwise.

Craig is also paying close attention to the monthly chart. May closed as a bearish month after Bitcoin failed to hold above $80,000, and he believes a break below the May low near $72,460 could open the door for significantly more downside. While he is not predicting that Bitcoin will revisit previous cycle lows, he does believe momentum could accelerate if key support levels fail. Rather than rushing back into the market, he remains comfortable holding cash and waiting for better opportunities.

Ethereum continues to be one of Craig’s biggest concerns. He notes that Ethereum showed weakness long before Bitcoin rolled over and has now fallen below the psychologically important $2,000 level. Because Ethereum often serves as a barometer for the broader altcoin market, its continued weakness suggests that altcoins may struggle to gain meaningful traction. Projects like Cardano, Solana, XRP, Dogecoin, and Bitcoin Cash all continue to show bearish structures, with Bitcoin Cash suffering some of the most severe losses in recent weeks.

One notable exception is Hyperliquid. Craig highlighted Hyperliquid as one of the strongest performers in the entire crypto market, pointing to its revenue generation model and token buyback mechanism as key drivers behind its continued strength. While most of the market remains under pressure, Hyperliquid has continued making new highs and attracting significant capital.

Looking at broader market indicators, Craig notes that Bitcoin dominance has fallen sharply, but not because altcoins are thriving. Instead, Bitcoin itself has weakened relative to the broader market. Total crypto market capitalization continues to look fragile, and Craig believes many altcoin holders have simply reached a point of exhaustion, holding positions despite large losses rather than actively selling.

For now, Craig’s outlook remains straightforward. The trends across nearly every major timeframe continue pointing lower. He is watching closely to see whether Bitcoin breaks the May monthly low, which could trigger another significant leg down. Until the charts show otherwise, he believes patience remains the best strategy.

For deeper market analysis and Craig’s weekly outlook, visit The Grow Me Co.

For Craig’s trend scanner and trading tools, check out Market Intern.

Hosted on Acast. See acast.com/privacy for more information.