On the 4-hour TF, it is visible that the price bounced from the $ 18,500 level, after which a new round of cryptocurrency growth began. Thus, the current strengthening can be considered purely technical. From above, we have a level of $ 24,350, from which the price has also bounced several times, so for now we have a side channel at our disposal. It follows from this that there is no trend now, and market participants can trade cryptocurrency only for a rebound from the boundaries of the side channel.
At the same time, as usual, the market is full of rumors and crazy forecasts. Many experts write about the inability of bitcoin to show growth at this time, and some predict the same crazy numbers that we heard about more than once last year. For example, Katie Wood believes that bitcoin will be worth $1,000,000 by 2030. But still, a very large number of experts are inclined to further drop the "bitcoin" against the background of tightening monetary policy not only by the Fed but also by many other central banks of the world (for example, the Bank of England and the ECB). Thus, monetary policy is tightening everywhere, so the demand for bitcoin has no reason to grow.
Also of note is Microstrategy, known for being the company with the largest public investment in bitcoin. The other day, it became known that the company would place shares in the amount of $ 500 million and direct part of the proceeds to new purchases of the main cryptocurrency in the world. Although bitcoin is now in a "bearish" trend, and the company's shares have declined significantly in the last six months, the management continues to believe in the prospects of bitcoin and is ready to invest in it with free funds, but also borrow and even credit. Time will tell what this will lead to. Recall that last month, Michael Saylor left the post of CEO of Microstrategy and moved to a position linking him with long-term investments and innovations. In other words, Saylor will now invest, in particular, in bitcoin. Saylor was exactly the person who openly began to direct the funds of the company and shareholders to bitcoin, which at a certain time caused a flurry of criticism in his address. Of course, when bitcoin was trading at $70,000, it was worthy only of applause, but those times did not last long. As you can see, at this time, no one, except Saylor and the company, is ready to invest large sums in BTC.
In the 4-hour timeframe, the quotes of "bitcoin" apparently completed an upward correction. We believe the decline will continue in the medium term, but we need to wait for the price to consolidate below the area of $17,582–$ 18,500. If this happens, the first target for the fall will be the level of $ 12,426. A rebound from the $24,350 level can also be used for sales.
