Forex Analysis & Reviews: Mike Novogratz: Bitcoin will definitely recover.
time 01.12.2022 03:10 PM
time Relevance up to, 02.12.2022 03:10 PM

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It is also plain to see on the 4-hour TF that bitcoin overcame the most crucial levels of $ 18,500 and its "duplicate" of $ 17,582 and has since remained below both levels without making even the slightest attempt to return above them. The cryptocurrency went flat after another collapse, as we predicted, and this flattening can now last anywhere between a few weeks and several months. Although a new collapse of the cryptocurrency market is likely to occur, we do not believe that the cryptocurrency will be able to gain traction above the level of $ 17,582 during this period.

As we've stated before, many so-called "crypto experts," who are bitcoin investors, continue to make ludicrous predictions about the currency's future value. This element is easily explained. You must stop an asset from falling further if you own one that is sinking. Additionally, new investments are needed. And to achieve this, as many people as possible must purchase bitcoin rather than sell it. How can this be done? Only when there are rumors that bitcoin is about to increase and that a new "bullish" trend will be even more powerful than the previous one. "Therefore, don't miss the opportunity while it's still very affordable!" However, such attempts to influence the market are only successful if traders are once again convinced that bitcoin could lose up to 90% of its value. What other asset in the world possesses such a display?

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As a result, we find it very amusing when the cryptocurrency company Galaxy Digital CEO, Mike Novogratz, makes comments like the ones he made recently. The fact that a company invests in cryptocurrencies and is interested in their continued growth is obvious from the business's name. According to Novogratz, 150 million people have chosen to keep some of their money in bitcoin, making it impossible for it to vanish. He thinks that sooner or later, funds like Ark Invest will resume their cryptocurrency investments. Although the recovery will take a while, Novogratz thinks it will eventually happen. On the other hand, the experts who do not invest in cryptocurrencies hold the opposite opinion and anticipate a further decline. We maintain the same general view that we did earlier. In general, we anticipate more and more drops of the first cryptocurrency in the world, but if there are strong buy signals, they should be considered.

The "bitcoin" quotes left the side channel they had been in for five months in the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it.

Paolo Greco,
Analytical expert of InstaForex
© 2007-2023
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