The Bitcoin Fall Will Likely Continue In The Future

Bitcoin's price remains completely flat below the level of $18,500. Remember that this is the precise scenario that we have discussed numerous times, therefore everything is now proceeding as expected. Bitcoin may remain flat for a few more weeks or months at this point, but eventually, we anticipate that it will drop at least to the level of $12,426.

Bitcoin is increasing because the value of the dollar is declining

In theory, it is quite challenging to add anything new from the previous week. There was hardly any cryptocurrency-related news, and the exchange rate for bitcoin was not particularly affected by regular macroeconomic reports. Furthermore, even in the foreign currency market, movements that are far from logical are currently being seen, so it is also hard to declare, for instance, that bitcoin is increasing because the value of the dollar is declining. Most likely, we observe a straightforward rising motion inside the flat. Keep in mind that a flat is more than simply a sideways movement. Inside the flat, there could be both growth turns and fall turns. The fact that they alternate and are about the same size says it all. Change to the lower TF and conduct your analysis there if you are having trouble determining the nature of the bitcoin movement on the 24-hour TF. To us, it's as clear as day. Bitcoin is currently trading at $18,500, which is ridiculous from a religious standpoint. Most likely, it will then rebound once more, after which a slow decline of the instrument will start with a target of $15,500, which is currently the lower limit of the side channel.

American figures

Only American figures stand out among the recent events; they show that in December there were 223 thousand non-farmers and that the unemployment rate dropped to 3.5%. Yesterday, Jerome Powell spoke in Stockholm as well, but he avoided discussing economics or monetary policy. In light of this, neither the US dollar's decline nor the macroeconomic or fundamental background is the main reason why bitcoin is gradually increasing right now. Given that the Fed expects to keep raising the rate to at least 5.5%, its prospects are still very unclear. The US money supply is also continuing to contract as the regulator implements the QT program, which calls for the removal of 3–4 trillion dollars from circulation. Investments will inevitably decline, even though they are currently at a low level. The American stock market is still declining, and in the past five to six months alone, shares of Tesla have decreased by a factor of 2.5. But compared to cryptocurrency, stocks are a lot less risky investment.

Bitcoin

The "bitcoin" quotes during the past 24 hours have remained below the level of $18,500. We predict that the fall will likely continue in the future, with a target price of $12,426. This might not occur quickly enough, though, as each new collapse was followed by a flat phase, which we are currently experiencing. This does not, however, indicate that the "bearish" tendency has ended.