The 4-hour TF also shows that bitcoin has surpassed the critical levels of $ 18,500 and its "duplicate" of $ 17,582. We now have all the technical justifications required for continued decline. Although the overall cryptocurrency market's fundamentals (local and global) continue to be a failure, predictions that "bitcoin will begin to rise in price very soon, and there is simply no upper limit to its value," continue to be made available to us.
The CEO of Ark Invest, Cathie Wood, is one of these cryptocurrency enthusiasts. Although she has consistently predicted that bitcoin will increase in value, she hardly ever discusses the possibility of it declining. From our perspective, this factor ought to be taken into account right away. Wood is saying that the price of bitcoin will only increase. Or does she prefer to discuss the rise of "bitcoin" but not its decline? The head of one of the most renowned investment funds in the world provides some biased predictions.
She predicted that the cryptocurrency will increase by 5,900% by 2030 in a recent interview with Bloomberg. She originally forecast an increase of 4,600%, but since bitcoin is only doing what it is already doing, the forecasts will now automatically increase in 2022. Wood is unafraid that before moving to potential growth, the entire cryptocurrency market may fall to reprehensible prices, and many traders and investors will simply lose all of their money (or most of it). After all, as we all know, not all bitcoin owners can afford to forget about their asset until it costs several hundred thousand dollars. Why do we mean that?
Consider a scenario in which you have a bitcoin investment and unexpectedly require cash. Now what? It is compelled to market bitcoin. And given that the majority of wallets are currently in the red, it is likely that you will lose money on your investments. It goes without saying that if you fall into the category of investors who always have everything in order with liquidity and who are willing to wait 10 or 20 years for the realization of Cathie Wood's prediction, then you are not scared of falls, crashes, bankruptcies, or the current value of "bitcoin." But as experience has shown, a lot of people occasionally struggle with using cash or "live" money. Additionally, bitcoin is a poor value-retaining asset.
The "bitcoin" quotes left the side channel they had been in for five months in the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it.
