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The first cryptocurrency in the world continues its next round of decline after it pushed off from the supposed upper limit of the side channel, limited to the levels of $40,700 and $30,500. In principle, bitcoin still tends to fall, not rise. Everything that is happening now in the cryptocurrency market can be divided into two categories. The first category suggests that bitcoin will in any case resume its growth and update the maximum value this year. The second category is represented by more professional market participants who continue to talk about a new drop in bitcoin quotes in the area of $19,000-$24,000. We support the second option. The first category includes investors and market participants whose activities depend not just on bitcoin, but on its value. That is, simply put, this category is simply profitable for bitcoin to cost as much as possible. Thus, crazy forecasts are regularly received from here, which are practically unsupported by anything. The second category includes professional traders, large banks, and experts who are not interested in bitcoin constantly growing. They predict a new collapse of quotes. For example, Robert Kiyosaki, the author of the work "Rich Dad, Poor Dad", said that bitcoin is waiting for the largest collapse in world history, and indicated that its quotes will fall to $24,000. At the same time, Bank of America conducted a survey among managers and found that 81% of respondents believe that bitcoin is still a "bubble" and is too expensive even now. Simply put, most managers believe that bitcoin will continue its decline even though the cryptocurrency has already lost about $30,000 in value. Also, many crypto experts believe that inflation in the United States is one of the important factors that affects the demand for bitcoin and cryptocurrencies in general. Many attribute the strong growth of bitcoin in the past to high fears of investors for their money. Until a couple of months ago, no one knew to what extent the consumer price index would grow, but now everyone already understands that inflation is 5% and, judging by the words of Jerome Powell and Janet Yellen, this indicator is unlikely to continue to grow further. Thus, many investors no longer consider bitcoin as a way to protect their money from inflation. Moreover, when bitcoin was constantly growing, it really saved money from depreciation, but now bitcoin is falling all the time, so the effect is the opposite. Also, it is still not clear that the institutions are rushing back to the market. There is an opinion that institutional and large investors are now buying bitcoin at an attractive price, but these rumors do not have a beneficial effect on the exchange rate. Thus, either this is just a rumor, or the supply of bitcoin in the cryptocurrency market is now higher than demand. And, most likely, it is both.
In technical terms, bitcoin failed to overcome the level of $40,700 and continues to decline. On the 24-hour timeframe, it is clearly visible that the cryptocurrency can be located inside the side channel. Therefore, it is possible that the movement to its lower border will continue in the coming days. There are no reasons to assume a strong growth of bitcoin, neither technical nor fundamental now.
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