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Bitcoin has recovered slightly, and major investors are again predicting $100,000 per coin

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One can only smile at what is happening now in the cryptocurrency market. Over the past month, Bitcoin has lost more than 50% of its value, as we predicted and warned more than once recently. Moreover, the upward trend, which was observed until mid-April, has clearly been drying up for several months. Simply put, the upward momentum was weakening and it became more and more difficult for bitcoin to update its highs. Even a child could see and understand this. But all this time, a huge number of "crypto experts", billionaires, owners of exchanges and funds still spoke almost with one voice that bitcoin will continue to rise in price anyway, and none of them predicted a 50% drop. Thus, you do not need to be the owner of a fund or a cryptocurrency exchange to make predictions on Bitcoin. One can say: "Bitcoin will rise in price to $100,000" or "Bitcoin will rise in price in the long term", and that's all. And it doesn't matter that maybe Bitcoin will reach the $100,000 mark in 5 years and have time to completely depreciate three times during this time, dragging many traders and investors with it to the bottom. It doesn't make much difference! Thus, it is better not to pay attention to these crazy predictions, as they are announced only in order to attract new investors to the market, to give confidence to market participants that bitcoin is growing and will always grow. Otherwise, if there is no inflow of new investors and investments, the first cryptocurrency will stop showing growth. Perhaps, someday Bitcoin will really be worth $100,000 or a million, but not anytime soon. At this time, Bitcoin just bounced off local lows after a major fall. This rebound is completely normal. Look at the two previous trends of 2013 and 2017, after which bitcoin lost up to 90% of its value. During the decline after the trend, there were a lot of such strong, "bullish" candles, which were also designed to save the upward trend. Thus, we are still inclined to believe that the upward trend is over and bitcoin will now continue its systematic decline, perhaps even below the $30,500 level. At least at the moment, there is no reason to suppose the resumption of the "bullish" trend. Well, one can never forget the fundamental background that was, is, and remains extremely weak for "digital gold". We have already listed all the negative news of recent times. But there are no positive ones that could support the demand for bitcoin, except for the eternal reports that states "bitcoin has already headed for $1,000,000".

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In technical terms, bitcoin fell to the support level of $30,500, and to the support level of $29,873, bounced off them and is currently trading around the level of $40,000 per coin. From our point of view, it can now consolidate for some time and even rise to $45,000 per coin. But in the medium term, it will now decline. However, you will need to look at the indicators. At the moment, the quotes are below the critical line, so there is no prerequisite for the resumption of growth.

The material has been provided by InstaForex Company - www.instaforex.com