From a Wyckoff cycle point of view, it may not be so bearish. David's analysis puts us deep in Phase D of an accumulation schematic, which suggests a very bullish 2020 to come:
https://bitcointalk.org/index.php?topic=5140701.msg53176663#msg53176663Given the prevailing trend, things are looking very pessimistic. That's why virtually everyone I see is bearish. That's also how it
should feel near the bottom.
I quickly looked at the chart and unfortunately I think it was already invalidated.
Posted in November 25, at the time most analysts were not sure if the ABC correction was a flat or a zigzag, the bullish scenario was the flat ABC but we are mid-December and it's clear the correction is a zigzag, with BTC price going below 6k next year.
He is not an Elliott Wave analyst. He's posted a bunch of updates since then and his analysis hasn't changed. He's still looking at $6,150 for a possible reversal and is expecting downward pressure into next week: