On the 4-hour timeframe, we see the same as on the 24-hour TF. We haven’t seen any continuation after Bitcoin sharply rose by $2,000 in just an hour. Moreover, Bitcoin has been much more inclined toward new drops than new gains in the last two weeks. Therefore, we expect Bitcoin, the world’s first cryptocurrency, to test the $25,211 level, and then it will become clear what to expect next.
In the previous article, we reminded you of El Salvador’s experiment, where Bitcoin was made a national means of payment two years ago, and an attempt was made to integrate the first cryptocurrency into the country’s life. It is clear that only a few people in the country are using Bitcoin (probably those who used it before 2021). Various studies show that less than a third of the population trusts Bitcoin, and even fewer are willing to buy and use it themselves. The people of El Salvador have not seen any benefits of using cryptocurrency in two years, so they are not eager to deal with it.
At the same time, the authorities claim an increase in tourism over the past two years and continue to adhere to their Bitcoin initiative. Of course, the failure of Bitcoin integration can be explained by the overall cryptocurrency market downturn. Still, it should also be understood that ordinary citizens would unlikely have benefitted from a bull market. The essence of the initiative is not in the population’s investments in Bitcoin but in the conversion of all transactions into Bitcoin. Thus, Salvadorans do not care how much “digital gold” costs or earn nothing from it. Moreover, what difference does it make how much Bitcoin costs when the monthly salary in the country is $50?
And this is what we have been saying for a long time. Bitcoin is an interesting investment tool, like many other cryptocurrencies. Every year, it becomes more of a “toy for the wealthy” who try to manipulate the price in their favor by attracting new “hamsters” to the market. So far, neither Bitcoin ETFs nor the upcoming “halving” nor the expected Federal Reserve rate cut by the end of the year has impacted the “bitcoin” exchange rate. We are not saying that Bitcoin will not grow anymore. We are only saying that most people do not need Bitcoin because it does not bring them any benefits or convenience. And there are plenty of other investment opportunities available. However, as reality shows, 60-70% of people are generally far from the investment process.
On the 4-hour timeframe, the cryptocurrency may continue its corrective movement. There have been no signals to buy, and there aren’t. We expect Bitcoin to descend to the $24,350 – $25,211 range, after which we will decide what to do next. Buying is possible with a clear rebound from this range, and selling is possible if this range is breached.
The material has been provided by InstaForex Company – www.instaforex.com
On the 4-hour timeframe, we see the same as on the 24-hour TF. We haven’t seen any continuation after Bitcoin sharply rose by $2,000 in just an hour. Moreover, Bitcoin has been much more inclined toward new drops than new gains in the last two weeks. Therefore, we expect Bitcoin, the world’s first cryptocurrency, to test the $25,211 level, and then it will become clear what to expect next.
In the previous article, we reminded you of El Salvador’s experiment, where Bitcoin was made a national means of payment two years ago, and an attempt was made to integrate the first cryptocurrency into the country’s life. It is clear that only a few people in the country are using Bitcoin (probably those who used it before 2021). Various studies show that less than a third of the population trusts Bitcoin, and even fewer are willing to buy and use it themselves. The people of El Salvador have not seen any benefits of using cryptocurrency in two years, so they are not eager to deal with it.
At the same time, the authorities claim an increase in tourism over the past two years and continue to adhere to their Bitcoin initiative. Of course, the failure of Bitcoin integration can be explained by the overall cryptocurrency market downturn. Still, it should also be understood that ordinary citizens would unlikely have benefitted from a bull market. The essence of the initiative is not in the population’s investments in Bitcoin but in the conversion of all transactions into Bitcoin. Thus, Salvadorans do not care how much “digital gold” costs or earn nothing from it. Moreover, what difference does it make how much Bitcoin costs when the monthly salary in the country is $50?
And this is what we have been saying for a long time. Bitcoin is an interesting investment tool, like many other cryptocurrencies. Every year, it becomes more of a “toy for the wealthy” who try to manipulate the price in their favor by attracting new “hamsters” to the market. So far, neither Bitcoin ETFs nor the upcoming “halving” nor the expected Federal Reserve rate cut by the end of the year has impacted the “bitcoin” exchange rate. We are not saying that Bitcoin will not grow anymore. We are only saying that most people do not need Bitcoin because it does not bring them any benefits or convenience. And there are plenty of other investment opportunities available. However, as reality shows, 60-70% of people are generally far from the investment process.
On the 4-hour timeframe, the cryptocurrency may continue its corrective movement. There have been no signals to buy, and there aren’t. We expect Bitcoin to descend to the $24,350 – $25,211 range, after which we will decide what to do next. Buying is possible with a clear rebound from this range, and selling is possible if this range is breached.
The material has been provided by InstaForex Company – www.instaforex.com