04.07.202213:37 Forex Analysis & Reviews: Restoration of "bitcoin"

Exchange Rates 04.07.2022 analysis

The value of the first cryptocurrency ever created decreased during the previous week. Remember how the "bitcoin" just experienced another collapse and suffered a loss of roughly $ 15,000? After that, logically, an upward correction started, and the cryptocurrency managed to adjust by $ 4,000 in 8-9 days. If you ignore the fact that six months ago, bitcoin was worth more than $ 70,000, in theory, this is also a lot. However, things have changed, and none of the crypto gurus who cried about $ 100,000 in 2021, 2022, and again in 2021 ("once in 2021 the target was not achieved") are heard anymore. Bitcoin saw a loss of 80-90% towards the end of each upswing, as we have already stated numerous times. So now everything is proceeding as expected. Even if the bitcoin appears to be firmly heading for $12,426, it does not appear to be the destination. It will probably be overcome, and the value of the first cryptocurrency in history will drop to between $ 6,000 and $ 10,000 per coin.

On a 24-hour basis, the technological picture is absurdly mundane. There is a decline, a downward trend line, and no attempts to create signal combinations that are difficult to comprehend. A single effort has not been made to gain ground above the trend line. In this scenario, what can you anticipate from bitcoin? No instrument can, of course, fall forever. But bitcoin may decline considerably more quickly than it does now. Keep in mind that bitcoin has no usefulness or cost and is not secured by anything. There is a formal cost, which is indicated in mining costs. However, these prices might differ significantly between regions of the world.

Additionally, no central bank in the world has control over or is liable for any cryptocurrency. During this time, bitcoin became the primary plus for a very long time. According to them, no central bank can meddle, cause cryptocurrency inflation, or begin a new coin issuance. But as we can see, the coin has a drawback. What good is the Central Bank's influence absent if Bitcoin drops to between 70 and 80 percent of its original value in a matter of months? It is unstable now. Those who purchased bitcoin for $ 60,000 - $ 70,000 per coin have already lost two-thirds of their investment! And perhaps there wouldn't be such volatility if at least one person had control of bitcoin. BTC, therefore, continues to be a hazardous financial tool or a toy for the wealthy at this time. Of course, you can take a risk to make a profit x2 or x3 in the future if you have $ 70,000, and it is obvious that you are not the last. However, as you can see, there is a chance of significant gains and losses.

Exchange Rates 04.07.2022 analysis

The "bitcoin" quotes were fixed below the amount of $ 24,350 throughout a 24-hour period. The level of $ 12,426 is now the closest objective as a result. In theory, bitcoin is now capable of decreasing to any value, including zero. Of course, it is improbable that this will occur, but we think that by 2022, the price of 5-10,000 dollars per coin will become the norm. The majority of "crypto experts" projected $ 100,000, but this is instead what we got.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Paolo Greco,
Experto analítico de InstaForex
© 2007-2022
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