On the 4-hour TF, it is evident that bitcoin has deviated below the ascending trend line, but overall, since the most recent collapse, it has been mostly moving sideways, which is exactly what we anticipated. Remember that the "collapse-flat-collapse" trading strategy will be used in 2022 when bitcoin is traded. As a result, despite crossing over the trend line, a long flat can now be seen.
We already discussed the subject of opinions and suggestions from different experts regarding the future of bitcoin in the previous article. We used the examples of Michael Saylor and Cathie Wood, who hold the opposing viewpoint, as well as Peter Schiff, who has frequently criticized bitcoin. Billionaire Mark Cuban concurred with the latter, stating recently that bitcoin is far superior to gold and urging everyone to purchase it. And this is despite his plans to use the first cryptocurrency, which he expects to fall even further, for new purchases. Cuban claimed that because gold is not at all in the possession of people, it cannot, in theory, be used as insurance against risks such as inflation and other dangers. "In reality, all you possess is a digital record proving you are the owner of a specific amount of gold. The same is true of bitcoin. Someone would simply rob you to take away a gold bar if you had one on your person," Cuban said. The American billionaire added that the failure of the FTX cryptocurrency exchange does not portend the demise of the entire cryptocurrency sector. He mentioned that he is holding off on purchasing more until the "bitcoin" drops even further.
As you can see, everyone has their viewpoint, so we urge traders once more to not take everything they say at face value. Remember that at this time, falling is the only course of action that technical analysis predicts. The underlying context does not provide any reason to anticipate Bitcoin's growth. Contrarily, the demise of the FTX exchange might not be the last in the cryptocurrency sector. In any case, to buy the first cryptocurrency, you must have access to crystal-clear technical signals, which are also not yet available. After breaking through the psychologically significant level of $18,500, below which the price could not fall for a considerable amount of time, we think that long positions will only be viable. BTC may, however, remain completely flat over the upcoming weeks and months.
As they consolidated below the trend line in the 4-hour time frame, the quotes for "bitcoin" very quickly finished the formation of an upward trend. As a result, we are currently anticipating a new cryptocurrency drop with a target of $12,426. It might take place right now or in a few months. There are still no indications that bitcoin will experience rapid growth in the near future.
