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On the 4-hour TF, it is evident that bitcoin has deviated below the ascending trend line, but overall, since the most recent collapse, it has been mostly moving sideways, which is exactly what we anticipated. Remember that the "collapse-flat-collapse" trading strategy will be used in 2022 when bitcoin is traded. As a result, despite crossing over the trend line, a long flat can now be seen.
There are additional unfavorable projections from reputable market participants in addition to the statements made by JP Morgan, which we discussed in the previous article. Remember that individuals like Mark Cuban have a personal stake in the success of the first cryptocurrency ever created, so it stands to reason that they will exert every effort to increase demand. The rise in demand for bitcoin will determine how much it grows in the future. No demand, no expansion. Kuban's viewpoint is therefore undoubtedly very interesting, but we have grown accustomed to bitcoin owners only predicting the currency's future growth. I have a valid concern: why would Cuban and others advise someone to purchase a good that will "unquestionably increase in value"? Wouldn't it be simpler and better to purchase every coin available yourself to make the most money later? The truth is that for bitcoin to experience explosive growth, as many investors as possible should purchase it. Now, nobody wants to purchase it.
The crypto industry will need some time to fully recover from the collapse of the FTX exchange, according to the analytical firm CryptoCompare. The company's experts also claimed that numerous other businesses were linked to the bankrupt exchange through loans and the FTT token, which is now, of course, worthless. As a result, CryptoCompare concludes that there may be new bankruptcies in 2023. Additional failures of significant market participants might cause "bitcoin" and other cryptocurrencies to fall even further.
Therefore, even the internal fundamental background does not justify purchasing bitcoin. This is in addition to the general fundamental background that is currently working against cryptocurrencies in the face of the Fed and other Central Banks. The decline, in our opinion, will eventually continue. Anyhow, there isn't even a single buy signal at the moment. The first cryptocurrency ever traded with very little volatility and only moved sideways over the past few days.
The quotes for "bitcoin" very quickly completed the formation of an upward trend on the 4-hour time frame and consolidated below the trend line. As a result, we are currently anticipating a new cryptocurrency drop with a target of $12,426. It might take place right now or in a few months. There are still no indications that bitcoin will experience rapid growth in the near future.
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