In the previous article, we said that bitcoin has started and continues to move in a corrective direction. And this movement can develop into a full-fledged downward trend and even a collapse. The problem is that the trend for bitcoin is not stable. Just look at the long-term chart of its movement and it becomes clear that the stage of strong growth does not usually last more than 4-5 months. At the moment, the "cue ball" has become more expensive for a total of 19 weeks. It is worth recalling that only a year ago, bitcoin could be bought for $ 4,000. That is, in one year, the "cue ball" rate has grown 10-12 times. Based on what? What were the real reasons and fundamental factors? This is what continues to deter large investors and companies from investing in bitcoin. According to a survey conducted by JP Morgan among more than 3,000 investors and 1,500 companies, most of them consider bitcoin too dangerous as an asset and do not want to include it in their portfolios. 78% of respondents said that their companies will not buy bitcoin. Almost 100% of respondents said that they consider bitcoin to be a cryptocurrency that is associated with criminal activity and money laundering. About 60% of respondents believe that bitcoin, however, will now remain forever with humanity. Only 10% said they had invested in cryptocurrency in the past, and of the remaining 90%, only 20% said they might try it in the future. 75% of all respondents believe that bitcoin needs total control from regulators and strict rules. Thus, the main conclusion is the following – only 10% of large, institutional investors invest in bitcoin. And even then, no one knows in what volumes. If the remaining part was inclined to start investing in the "cue ball" in the near future, the current upward trend could continue. But so far, everything is going to the point that the demand for bitcoin has dried up. Perhaps bitcoin will still be saved by some star personality who suddenly declares that they can't live without bitcoin and decided to invest all their savings in it. But for now, this option looks like something out of the realm of science fiction. It should also be noted that in recent weeks, a lot of different celebrities have negatively spoken about bitcoin. For example, Bill Gates. The former head of Microsoft is like a counterweight to Elon Musk, who likes to hype "cue ball". Also, many billionaires and investors have recently stated that bitcoin is too volatile and too unstable to deal with.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.