Throughout the past week, we have not said anything about bitcoin, since the cryptocurrency has been standing in one place all week. After it made a march to almost $ 25,000 per coin, a recovery to $ 30,000 followed pretty quickly, almost the next day. After that, a total flat began at the level of $ 29,750. And at the moment, the number one cryptocurrency in the world continues to remain near this level. Thus, we are surprised not by the fact that bitcoin spent a week in a flat, which is rare for it, but by the fact that it got sick with the "euro disease" and failed to adjust normally. What do we mean? If you look at the 24-hour TF, it is clear that at least one correction has been made over the past six months. That is, a completely unadorned fall still cannot be called. However, only in the last 2 months, bitcoin has fallen by $ 20,000 and something is not in a hurry to go back up. The downward trend line remains in effect, and the number of "experts" chanting about $ 100,000 for 1 bitcoin has sharply decreased recently. Moreover, words about "cryptozyme" are increasingly being heard on the market, which means a total collapse of the cryptocurrency market. In principle, this is exactly what we are seeing now. After all, not only bitcoin is falling, the entire crypto market is falling.
Bitcoin, as an investment tool, is not interested in the market right now.
Once again, we would like to remind all traders that cryptocurrency is, in fact, a useless piece of code that has no practical application in everyday life. All cryptocurrencies are something that initially acted as an alternative to money. But let's be honest, if bitcoin is an alternative to fiat money, then why did it rise in price from the conditional $ 100 to $ 70,000? If this is not a speculative asset, not an investment instrument, then why such an increase on something that should just fulfill the function of money? Precisely because bitcoin has never performed the function of money in its life, it can rise or fall in value. No, of course, there are a sufficient number of people who use cryptocurrencies as payment and for settlements. But let's think again, why do such people need cryptocurrencies if they have bank cards or ordinary cash? Only to hide their identity, evade taxes, or finance various illegal operations. For such purposes, bitcoin is a means of payment. Everyone else uses cryptocurrency for their enrichment. But since there are periods of rising for any financial instrument, and there are periods of fall, now we are just in the second. Consequently, all the cries that bitcoin will grow forever, "it will cost $ 100,000 in 2022", and "it cannot fall below $ 30,000", this is just an attempt to keep the owners of coins on the market. We believe that bitcoin is heading toward $ 10,000.
In the 24-hour timeframe, the quotes of the "bitcoin", we can say, have fixed below the level of $ 29,750. Recall that this level is at least 2021. So far, the decline does not continue, a correction is possible, but the trend line signals the continuation of the downward trend. The nearest target is the level of $ 24,350. But this does not mean that the cryptocurrency will rush to it tomorrow.
