The 4-hour TF makes it obvious that bitcoin has reached its previous local peak, which is slightly below the $18,500 mark. There is already enough here for the fall to start right now. The price increased the previous time to the predetermined point before starting to decline pretty abruptly. The timing for a downward movement is excellent given that the US inflation report will be out today. In any case, it won’t be possible to discuss the “bitcoin’s” growth possibilities before it surpasses the threshold of $18,500. The first purchase signal in a long time can be attributed to this victory. But even if it does, it won’t necessarily suggest that bitcoin will move in the direction of $30,000 (for example) or that a new “bullish” trend will emerge.
In the meantime, Jim Cramer, the host of CNBC, once more “took a ride” on all cryptocurrencies. He declared that he would never invest in them and that he did not attend college to “become an idiot investing in Litecoin or Bitcoin.” He remarked that the cryptocurrency sector is too loosely controlled and recalled a situation in which he invested in one of the sector’s businesses and just managed to recover his investment. The one piece of advice I have for cryptocurrency owners is to sell their assets as quickly as they can, according to Cramer. Remember that Cramer is not the only person to criticize cryptocurrencies; many others think that bitcoin will not recover from its current low point and that there won’t be a new “bullish” trend.
It should be highlighted that during 2023, the underlying background for bitcoin will remain challenging. Even while the next halving, which is scheduled for next year and normally results in a gain in the value of the cryptocurrency, things could be different this time. A halving refers to a decrease in the payment miners receive for extracted blocks. There are 6.25 coins now; 3,125 will be added. Mining bitcoin will no longer be financially viable at the current price. However, this does not imply that the price should rise by a factor of two or more. If it doesn’t, mining volumes could decline more. In general, we don’t think a bullish trend is something that will always exist. The bankruptcy of several major organizations and exchanges has damaged public trust in the bitcoin sector, and several more significant breakdowns may occur in 2023.
The “bitcoin” quotes exceeded the level of $17,582 over a 4-hour period, however, this is simply a “satellite” of the level of $18,500. The future of the “bitcoin” will be decided for roughly $18,500. If this is overcome, a buy signal with a target price of $20,400 will be sent. At this time, there is nothing beyond bitcoin. If the price drops below $18,500, a new decline to the level of $15,500 could start.
The material has been provided by InstaForex Company – www.instaforex.com
The 4-hour TF makes it obvious that bitcoin has reached its previous local peak, which is slightly below the $18,500 mark. There is already enough here for the fall to start right now. The price increased the previous time to the predetermined point before starting to decline pretty abruptly. The timing for a downward movement is excellent given that the US inflation report will be out today. In any case, it won’t be possible to discuss the “bitcoin’s” growth possibilities before it surpasses the threshold of $18,500. The first purchase signal in a long time can be attributed to this victory. But even if it does, it won’t necessarily suggest that bitcoin will move in the direction of $30,000 (for example) or that a new “bullish” trend will emerge.
In the meantime, Jim Cramer, the host of CNBC, once more “took a ride” on all cryptocurrencies. He declared that he would never invest in them and that he did not attend college to “become an idiot investing in Litecoin or Bitcoin.” He remarked that the cryptocurrency sector is too loosely controlled and recalled a situation in which he invested in one of the sector’s businesses and just managed to recover his investment. The one piece of advice I have for cryptocurrency owners is to sell their assets as quickly as they can, according to Cramer. Remember that Cramer is not the only person to criticize cryptocurrencies; many others think that bitcoin will not recover from its current low point and that there won’t be a new “bullish” trend.
It should be highlighted that during 2023, the underlying background for bitcoin will remain challenging. Even while the next halving, which is scheduled for next year and normally results in a gain in the value of the cryptocurrency, things could be different this time. A halving refers to a decrease in the payment miners receive for extracted blocks. There are 6.25 coins now; 3,125 will be added. Mining bitcoin will no longer be financially viable at the current price. However, this does not imply that the price should rise by a factor of two or more. If it doesn’t, mining volumes could decline more. In general, we don’t think a bullish trend is something that will always exist. The bankruptcy of several major organizations and exchanges has damaged public trust in the bitcoin sector, and several more significant breakdowns may occur in 2023.
The “bitcoin” quotes exceeded the level of $17,582 over a 4-hour period, however, this is simply a “satellite” of the level of $18,500. The future of the “bitcoin” will be decided for roughly $18,500. If this is overcome, a buy signal with a target price of $20,400 will be sent. At this time, there is nothing beyond bitcoin. If the price drops below $18,500, a new decline to the level of $15,500 could start.
The material has been provided by InstaForex Company – www.instaforex.com
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