Bitcoin began a new round of corrective movement, once again failing to overcome either the important psychological level of $60,000, or the previous absolute maximum around the level of $61,700. As we have said many times, from our point of view, bitcoin is already overpriced. In the case of cryptocurrency, it is very difficult to apply the concept of "fair value", since bitcoin has no fair value. However, if it existed, it would clearly be much lower than the current values. Moreover, we once again draw the attention of traders to the fact that each next round of growth is weaker than the previous one. Therefore, we believe that the upward trend is weakening and is already on the verge of completion. So, either a strong correction, or a total fall, as has already happened, at least twice. The nearest target for correction is the level of $52,300.
However, as long as bitcoin continues to be at its maximum value, miners continue to earn gigantic amounts. Of course, if you count them all together. Bitcoin miners earned $1.75 billion in March, of which about 10% were transaction fees. Miners' income increased by 29% compared to February, which, in principle, is not surprising, since it was in March that bitcoin set its new value record. Thus, it is not a matter of increasing production capacities, it is an increase in the value of the bitcoin itself. Also, experts note a strong growth in shares of mining companies.
Meanwhile, experts of the bitcoin network say that bitcoin could set a new value record in the first two weeks of April. This is because the computational complexity for mining bitcoin coins has increased again. Thus, bitcoin is becoming more and more difficult to mine, which may affect its value, experts say. The forecast is $68,000 per coin until mid-April. It is also reported that mining companies continue to buy equipment for bitcoin mining, as they expect its further growth in the long term. Thus, the fundamental background for bitcoin is now extremely ambiguous and contradictory. On the one hand, enough factors speak in favor of its strong fall (this is a possible ban on cryptocurrencies in India, and reports of overheating of the bitcoin market, possible sales of their coins by retail investors, news from Tesla, Visa, and Paypal). At the same time, many market participants are not going to give up and continue to actively support the demand for the world's number one cryptocurrency. As always, the market will judge everyone. However, we believe that the situation on the bitcoin market is heating up and the "X" hour is coming.
Technically, Bitcoin was on the verge of breaking the $52,300 level for several days, but in the end, the bulls still retained the initiative and a new round of upward movement began. However, buyers are still unable to overcome the level of $60,000. Thus, the number one cryptocurrency in the world now vitally needs an influx of new investors, otherwise, most of the market participants may consider that the current value of BTC is this maximum and begin to get rid of it. We still highlight two important supports for the bitcoin - $52,300 and $44,000. Overcoming any of them can provoke a strong downward movement.
