The Fibonacci level of 127.2% ($18,500) for the bitcoin cryptocurrency was calculated, but it was not successfully broken. As a result, there are currently no buy signals and no growth factors for the first cryptocurrency ever created. Although we still anticipate a new decline in the price of bitcoin, we believe it won't happen until after a few months. Regardless of how trite it may sound, everything now is based on the fundamental context. Naturally, if the cryptocurrency sector experiences more bankruptcies, the "bitcoin" may continue to fall. Also possible are collapses and bankruptcies.
But right now, there are none. Many experts have noted that bitcoin may eventually start to form a new "bullish" trend, but when will that happen? The fact that it will double in 2024, that the Fed won't raise rates in the near future, that the Fed and other central banks will cut rates in the future, and that the price of the "bitcoin" is too low all work in favor of its long-term growth. These are, however, long-term prospects; they do not apply to the coming two weeks. Without a doubt, bitcoin will resurface, but this requires at least quite definite positive prospects to start looming over the horizon. The market can start purchasing bitcoin in advance as if rewinding favorable changes in the future. For instance, bitcoin's growth might start a few months before the first Fed rate cut. However, all of the aforementioned theses are currently just hypotheses. The cryptocurrency industry is not impervious to new shocks. Remember how China just recently confiscated and outlawed bitcoin on its soil a few years ago? What stops other States from taking similar action?
As a result, we think that bitcoin has only grown by 20% as of right now. In any case, it should be understood that technical signals are required, which are not present, even if we are wrong and the "bullish" trend begins tomorrow. One of these signals could be breaking through the $ 18,500 level, but we already saw a few days ago that traders lack the strength to do this. As a result, at this time nothing speaks in favor of the expansion of the first cryptocurrency in history.
The "bitcoin" quotes over the past 24 hours have remained below the level of $18,500. From our perspective, the fall could continue with a $12,426 goal. As we previously stated, since the price was concurrently in a side channel, crossing the downward trend line does not signify the end of the "bearish" trend. Bitcoin is now located below this channel, allowing the quotes to move southward.
