In previous articles, we have already figured out why bitcoin has no good reason to show growth at this time. We believe that the fundamental background remains negative for all risky assets, including the US stock market. Nevertheless, it should be recognized that the euro currency and the pound sterling have recently improved their affairs a little, which may mean the end of the "era of the dollar." If the dollar continues to get cheaper in the medium term, this will positively affect the bitcoin exchange rate, the value of which is calculated in dollars. However, even if such growth occurs, it is unlikely to be strong. So far, the first cryptocurrency in the world continues to be in the side channel. It has been there for more than four months in a lateral, rather wide channel.
Meanwhile, former Goldman Sachs top manager Raoul Pal said the cryptocurrency market's capitalization would grow to $300 trillion over the next 10-15 years. Currently, the capitalization of all financial markets is estimated at 200-300 trillion, and Pal believes that the cryptocurrency market can take this bar. Pal cites "activity around the digital asset industry" as the basis for such a forecast. It probably means that the acceptance of bitcoin and its popularity grows over time, so sooner or later, the bull market will recover, and sooner or later, bitcoin will grow to $100,000 per coin.
However, no matter what rosy prospects open up before the "chock," we must not forget that now we have a "bearish" trend, so it is more logical to expect a further fall. We already know that some mining companies are experiencing serious liquidity problems amid rising energy prices and a strong drop in the price of bitcoin. If the current prices are so attractive to investors, why has bitcoin been "at the bottom" for four months? From our point of view, the market is waiting for an even bigger drop.
It remains to recall that next week there will be not only a meeting of the Fed but also a meeting of the Bank of England, which will also certainly raise the key rate. Although the weight of the decisions taken by BA is less than the Fed, it is still a tightening of monetary policy in another, far from the last country in the world. Bitcoin has moved away by 2-3 thousand dollars from its lows, but this may be another "acceleration" before trying to overcome the level of $ 18,500, from which the total price has already bounced 15 times.
