Throughout the past week, even the last four weeks, nothing interesting has happened in the bitcoin market. But this is only at first glance. Bitcoin's movements were just indicative. Recall that a month ago, the number 1 cryptocurrency in the world fell by $ 15,000 in 8 trading days and it was still far from the entire last round of the fall. During the entire round, bitcoin fell by $ 23,000 in about a month and a half. And this is not taking into account the very first round of the fall, which began around the $ 69,000 mark. At the moment, the "future of the financial world" costs only $ 27,450. Over the past month, the cryptocurrency has been in a sideways movement and, from our point of view, this is the most remarkable moment. As a rule, after a strong fall, which also lasted for 8 days, a correction begins. In our case, the picture is very similar to the euro or the pound, when the currency is practically not adjusted upwards. This suggests that the market is "bearish", and there are no bulls on it. Consequently, as we have already said in our previous cryptocurrency articles, bitcoin is likely to continue its decline. And with it, the entire cryptocurrency market, since it usually goes for bitcoin. The nearest target is the level of $ 24,350. There are practically no other important levels below this level. We believe that bitcoin, as always, after the end of the upward trend (we hope that no one has any doubts that the "bullish" trend is over) will lose 80-90% of its value. And this means that it can drop to $ 6-10 thousand per coin.
Crypto enthusiasts have calmed down recently.
Once again, we would like to remind all traders that cryptocurrency is, in fact, a useless piece of code that has no practical application in everyday life. No matter how trite it may be, the cryptocurrency grows when it is bought. And they buy cryptocurrency mainly on hype. Or, for example, when the money supply is growing strongly, as it has been in many countries of the world in the last two years. Right now, the money supply, at least in the United States, will be declining, so nothing good is shining for bitcoin. Many people understand this, so no matter what anyone says about the fact that "whales" continue to buy bitcoin, or the market is waiting for a breakthrough to the $ 100,000 mark, or Elon Musk is going to finance the construction of a new rocket to Mars solely at the expense of bitcoin, whatever, we advise you to face the truth. Most of the crypto enthusiasts who constantly say that bitcoin will become more expensive are just interested individuals. Remember how many famous forecasters talked about $ 100,000 last year. And do you remember the analyst PlanB, whose Stock-to-Flow model always gave correct forecasts? Thus, the task of crypto enthusiasts is to force the "crypto hacks" to carry to the market, increasing the demand for bitcoin, which will lead to its growth. Our task is to make money on movements. And now it is very dangerous to buy cryptocurrency in the hope of growth.
On the 24-hour timeframe, the quotes of the "bitcoin" were fixed below the level of $ 29,750. Recall that this level is at least 2021. The nearest target is the level of $ 24,350, and if it is overcome, it will have the opportunity to fall to $ 10,000.
