10.11.202214:37 Forex Analysis & Reviews: Bitcoin has collapsed to $15,555 and is not going to stop.

After the next rebound from the $18,500 level, bitcoin seemed to start getting more expensive, but, as it turned out, it was just "acceleration" before a new attempt to overcome the $18,500 level. Within two days, bitcoin has fallen by $5,000, and $5,000 now is not the same as $5,000 six months or a year ago. Then it was 5-7% of the coin value. Now it is 25%. In two days, the "bitcoin" has fallen in price by 25%, and that's all you need to know about the stability of the first cryptocurrency in the world. We warned that there are no grounds for the growth of cryptocurrencies now. Risky assets continue, if not to fall, then to be at values close to the minimum. The Fed continues to raise the rate, as do other central banks worldwide. Therefore, perhaps in the future, bitcoin will start a new "bullish" trend, but not now.

Today, once again, we would like to "go through" all the "crypto experts" who constantly, like a mantra, give forecasts about the imminent growth of bitcoin. Perhaps they are even right in some way because bitcoin will get more expensive sooner or later. But what is the point in forecasts like "bitcoin will rise in price to $100,000 per coin" if before that it drops to $10,000 (for example)? We remind traders that the lion's share of such forecasters is personally interested in bitcoin growing in price. Because they have coins on their balance sheet, they try to artificially warm up the market demand for cryptocurrency so that it starts to grow. Therefore, we are skeptical about the forecasts of Cathie Wood or Robert Kiyosaki, and others. Naturally, if the Cathie Wood foundation owns millions or billions of dollars worth of bitcoins, its head cannot come out and say: "Guys, there will be a collapse of the cryptocurrency market soon." Or: "Bitcoin will fall in price to $5-10 thousand per coin before it starts to grow." This will cause a massive outflow of investments, leading to an even faster drop in the "bitcoin." Therefore, all these people, considered investors and managers with a worldwide reputation, continue to talk about $100,000 per coin or $250,000; choose any number you like, and you can also be considered a forecaster no worse than Cathie Wood.

On the 24-hour timeframe, the quotes of the "bitcoin" finally attempted to overcome the level of $18,500. Now, from our point of view, the fall may continue with a target of $12,426. As we warned, overcoming the downward trend line does not mean the end of the "bearish" trend since the price was in a side channel in parallel. Now the lower limit of this channel has been overcome, so the quotes can continue to fall.