Over the past day, bitcoin has gained a foothold below the critical line on the 24-hour TF. Ahead is the level of $ 40,746 and the lower border of the ascending channel. If bitcoin also manages to overcome these obstacles, then its fall will continue almost guaranteed, and the weak upward trend that has formed in the last two months will be leveled. However, while this has not happened, bitcoin still has the possibility of another round of upward correction to the level of $ 51,350. To do this, you need to bounce off the $ 40,746 level. However, we still do not expect to see strong cryptocurrency growth this year and are inclined to move forward to $ 31,100.
Meanwhile, the Bitcoin 2022 conference was held in Miami, which, as you might guess, was dedicated to the first cryptocurrency. The most high-profile speakers at it were the head of the Ark Invest investment fund Cathie Wood and the CEO of Microstrategy Michael Saylor. They both noted that the position of the US authorities regarding bitcoin has changed significantly over the past year and is now much more friendly. Therefore, both CEOs recommend that investors keep their cryptocurrency coins. Both noted that the better the authorities regulate the cryptocurrency sector, the more confidence there will be in bitcoin and other digital assets. However, it should be noted that there is still no clear legislation regarding bitcoin in the United States. It can be said that he is on the path of becoming, but this path may be a long one. According to Wood, the price for one coin can grow to $ 1 million in 8 years if institutional investors invest only 2.5% of their assets in bitcoin.
However, absolutely anyone can make such forecasts. "If bitcoin displaces gold and becomes the main reserve asset, it will cost 20 million per coin." "If bitcoin becomes the only means of payment in the world, then its price will be $1 billion per coin." The thing is that traders and investors are interested in real forecasts, not the fantasies of Wood or Saylor, whose companies have invested billions of dollars in bitcoin and, of course, are directly interested in its growth. We come back to the fact that any forecasts from personalities like Wood or Saylor cannot be considered forecasts at all, and their recommendations are a request for everyone to buy more bitcoin so that they get richer. After all, the higher the demand for an asset, the higher the price for it.
However, such appeals and forecasts are starting to work worse. Many people have already figured out what a cryptocurrency is, how it can be used in reality and what can be expected from it. For many, bitcoin is now a lottery ticket. Buy and wait in the hope that it will show a new "bullish" trend with multiple increases in value. However, the more time passes, the less volatile bitcoin becomes. The influx of new investors is decreasing, so each update of its maximums is less than the previous one in percentage terms. We believe that the popularity of bitcoin and other cryptocurrencies is beginning to decline, and personalities like Wood and Saylor are trying to artificially inflate the price, convincing people that bitcoin will cost a million anyway, it's only worth buying it right now and more.
In the 24-hour timeframe, the quotes of the "bitcoin" fell below the level of $ 45,256, so further growth has been canceled for the time being. A rebound with an upward reversal may occur near the lower border of the side channel, after which the cryptocurrency may begin another round of growth. And this signal (a rebound from the $ 40,746 level) can be used for purchases. Sales should be considered below the ascending channel with targets of $ 34,267 and $ 31,100.
