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The bitcoin cryptocurrency has consolidated below the Fibonacci level of 127.2% ($18,500) and has yet to attempt to go back above this level. This only demonstrates that there are still no bulls in the market. Furthermore, since there are no bulls, there is currently no chance for bitcoin to grow. Now that bitcoin is "bottoming out" and "dead weight," we recommend talking about the overall context of the cryptocurrency market. In the past, we've argued that many self-proclaimed "experts" who frequently share their thoughts on bitcoin (even when they aren't asked) are investors. Such experts continue to amuse us with their predictions that "bitcoin is about to start a bullish trend and will soon cost a lot," considering that bitcoin must demonstrate growth, not decline, to ensure the profit of its investors. Such predictions from well-known, highly regarded individuals serve to encourage small traders to purchase cryptocurrencies, fueling their growth. All of these forecasts fall into two categories after analysis. The first ones at least have a time reference point that can be easily altered when the forecast is incorrect. The latter serves no sort of transient function.
Because bitcoin will have time to fall much lower before it can theoretically reach the goal, the value of such a forecast is frequently reduced to zero. How many novice traders and investors are prepared to endure significant losses for one or two years? As a result, although bitcoin may cost $100,000 someday, it might only cost $6,000 in the interim.
One of these authorities is Robert Kiyosaki, who has been urging people to buy bitcoin for a very long time and predicts the complete collapse of the economy and traditional investment instruments. He also thinks that bitcoin has nothing to do with the collapse of the FTX cryptocurrency exchange. He claimed that FTX issues are unique to FTX and do not affect the entire cryptocurrency market, which we disagree with. However, the more these crashes occur, the lower bitcoin may fall as people's trust in cryptocurrencies continues to erode. Large investors may still be holding their coins, but there are other players in the market.
The "bitcoin" quotes finally made a successful attempt to surpass the level of $18,500 in the 24-hour timeframe. The fall may continue now that we have a target of $12,426 in mind. As we previously stated, since the price was concurrently in a side channel, crossing the downward trend line does not signify the end of the "bearish" trend. The quotes may drop further as the lower channel limit has been reached.
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