Bitcoin is growing again and did not implement the scenario that we predicted for it - with a retest of the support area of $43,000 - $44,000. Thus, the growth of quotes has resumed, and in the coming days, "digital gold" may reach its previous maximum around the level of $58,500 per coin. It cannot be said that recently the fundamental background has provoked a new round of demand for cryptocurrency. Because there were simply no particularly important news and messages at that time. Thus, we believe that Bitcoin is growing again because the demand for it is growing again. Most participants in the cryptocurrency market do not believe that the peak for 2021 has already been reached, so they continue to buy the "cue ball" in the hope of its even greater growth. At the same time, the head of ARK Investment Management (an asset management company) Cathie Wood believes that bitcoin will become an asset in the future, which will be in almost every portfolio.
According to Wood, bitcoin will become a more acceptable asset class over time. She believes that in the future, bitcoin will behave in the same way as fixed income instruments. At the moment, many investors collect stocks and bonds in their portfolio in proportions of 40/60. However, in the future, 20% of bonds could be supplanted by cryptocurrencies if they become more stable and less volatile. Other experts in the cryptocurrency segment immediately criticized Wood's statement, calling it completely out of touch with reality. Thus, we can see that the debate around Bitcoin continues. And while the debate continues, the world's leading cryptocurrency continues to grow.
The technical picture of bitcoin is now outrageously simple. A few days ago, we expected that a new round of downward movement would begin, but the bulls again began to exert powerful pressure on the cryptocurrency, and it again rose to almost its absolute maximums. At the moment, BTC is trading around the level of $54,500 per coin. There is little hope that there will be a rebound from the 76.4% Fibonacci level, but, to be honest, we are leaning more towards the version that the growth will continue. In the current situation, we also consider it very important to exit the market on time. The bullish trend is evident, but it cannot and will not continue forever. Yes, the "cue ball" may even grow up to $100,000 per coin in 2021, but will it be able to stay at this level? Or will it collapse in the same way as at the end of 2017 and the beginning of 2018, while losing 90% of the value?
