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Crypto Industry News:
The world faces "strong inflationary pressures" in the short term, which may persist, warns Elon Musk, the world's richest man.
In the inflation debate, some of the most famous names in Bitcoin have voiced unanimous doubts about the state of global monetary policy.
As even the US Federal Reserve admits that inflation may persist, the topic has become particularly relevant to Bitcoiners given the deflationary characteristics of the cryptocurrency.
For Elon Musk, as a "magic pill" for the ills of fiat currency, inflation is no less a problem. With over $ 250 billion in net assets, potential exposure to currency devaluation is more of a potential problem than ever.
I don't know for how long, but we see strong inflationary pressure.
He said in a Twitter interview with Ark Invest CEO Cathie Wood and MicroStrategy CEO Michael Saylor.
This refers to the tweet of Twitter CEO Jack Dorsey, who described inflation as "happening" and prone to "change everything".
Wood, also a staunch supporter of Bitcoin, noted that the monetary speed had dropped since the 2008 global financial crisis hiding some of the impact of the devaluation.
Regardless, when all types of products are considered, the true cost of printing a dollar far outweighs government claims about how insignificant inflation is.
Technical Market Outlook
The BTC/USD pair had broken below the technical support seen at the level of $59,561 and is heading towards the next technical support located at $57,770. The 38% Fibonacci retracement of the last wave up is located at $56,934 and there should be some kind of bounce from this level. The momentum is weak and negative as bears are temporary on control of Bitcoin. The larger time frame trend is still up.
Weekly Pivot Points:
WR3 - $72,680
WR2 - $69,750
WR1 - $64,343
Weekly Pivot - $61,785
WS1 - $57,070
WS2 - $54,248
WS3 - $49,247
Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $66,974 (the previous ATH level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
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