Bitcoin is moving more likely downwards than upwards
September 11, 2023 4:22 pm
So, what happened to Bitcoin after it sharply rose two weeks ago? Nothing. The cryptocurrency dropped back to $25,211 (although it has not yet reached it) and is now in another flat zone. It’s worth reminding that this is how Bitcoin has traded for the past few months and even years. First, a sharp jump up or down, then a flat period for several weeks or months. So, at this time, we are not observing anything particularly surprising. The price is still aiming for $25,211 and will attempt to enter the $24,350-$25,211 range. The fate of Bitcoin for the next 3-6 months will be decided from there.
Meanwhile, many cryptocurrency experts claim that Bitcoin will almost inevitably rise to $100,000, far from its price limit. In reality, they believe it could even reach $1 million. One of the reasons for such wild growth is seen as the increasing integration of Bitcoin into people’s lives on planet Earth. Some believe Bitcoin will replace fiat currencies, while others think it will stand on par with traditional currencies. Practically everyone believes that Bitcoin is better than traditional money because central banks and governments do not control it, and its issuance is limited. El Salvador deserves much appreciation for its decision to embark on a Bitcoin experiment, even at the expense of its economy two years ago.
In September 2021, Bitcoin became the national currency of El Salvador. The country’s president, Nayib Bukele, decided to bet on Bitcoin and took the following steps for deep integration. A local crypto wallet was launched, the country’s population was given $30 worth of Bitcoin each, crypto ATMs were installed nationwide, numerous educational centers were opened, and they even plan to build an entire “Bitcoin city.” In other words, they did exactly what “crypto experts” talk about when predicting insane growth for Bitcoin in 10-20-30 years. However, we can see now that the people of El Salvador do not need Bitcoin, even with forced attempts to integrate it into the country’s financial system. There is no trust in it, and those who invested in it suffered losses because “digital gold” has been falling more often than rising in the past two years. In the next article, we will look at the “Salvadoran experiment.”
On the 24-hour timeframe, Bitcoin continues its decline, which we have been expecting. The price has dropped to $25,211, an important support level. To trigger new sales, $24,350-$25,211 must be breached, and the decline can continue. The target is $19,607. This is quite realistic, as the ascending trendline has been breached. Buying can be considered if there is a clear rebound from the $24,350-$25,211 area.
The material has been provided by InstaForex Company – www.instaforex.com
So, what happened to Bitcoin after it sharply rose two weeks ago? Nothing. The cryptocurrency dropped back to $25,211 (although it has not yet reached it) and is now in another flat zone. It’s worth reminding that this is how Bitcoin has traded for the past few months and even years. First, a sharp jump up or down, then a flat period for several weeks or months. So, at this time, we are not observing anything particularly surprising. The price is still aiming for $25,211 and will attempt to enter the $24,350-$25,211 range. The fate of Bitcoin for the next 3-6 months will be decided from there.
Meanwhile, many cryptocurrency experts claim that Bitcoin will almost inevitably rise to $100,000, far from its price limit. In reality, they believe it could even reach $1 million. One of the reasons for such wild growth is seen as the increasing integration of Bitcoin into people’s lives on planet Earth. Some believe Bitcoin will replace fiat currencies, while others think it will stand on par with traditional currencies. Practically everyone believes that Bitcoin is better than traditional money because central banks and governments do not control it, and its issuance is limited. El Salvador deserves much appreciation for its decision to embark on a Bitcoin experiment, even at the expense of its economy two years ago.
In September 2021, Bitcoin became the national currency of El Salvador. The country’s president, Nayib Bukele, decided to bet on Bitcoin and took the following steps for deep integration. A local crypto wallet was launched, the country’s population was given $30 worth of Bitcoin each, crypto ATMs were installed nationwide, numerous educational centers were opened, and they even plan to build an entire “Bitcoin city.” In other words, they did exactly what “crypto experts” talk about when predicting insane growth for Bitcoin in 10-20-30 years. However, we can see now that the people of El Salvador do not need Bitcoin, even with forced attempts to integrate it into the country’s financial system. There is no trust in it, and those who invested in it suffered losses because “digital gold” has been falling more often than rising in the past two years. In the next article, we will look at the “Salvadoran experiment.”
On the 24-hour timeframe, Bitcoin continues its decline, which we have been expecting. The price has dropped to $25,211, an important support level. To trigger new sales, $24,350-$25,211 must be breached, and the decline can continue. The target is $19,607. This is quite realistic, as the ascending trendline has been breached. Buying can be considered if there is a clear rebound from the $24,350-$25,211 area.
The material has been provided by InstaForex Company – www.instaforex.com
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