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Bitcoin is doing well so far, but it's too early to be complacent; updating local landmarks

Bitcoin closed above $60,000 per coin on Tuesday. The hypothetical upward trend has been corrected by yesterday's lows and has not lost its relevance yet.

As of this writing, the chart shows long lower shadows of false breakouts, and BTCUSD is still above the $60,000 psychological level, but not by much.

Against this background, it is at least premature to exhale after yesterday's fall and claim that the correction has ended. The scenario of a deeper fall is not excluded. The technical benchmarks were updated only in the form of the boundaries and the slope of the upward trend. A strong support zone and a key watershed in the area of 60,000 - 61,000 remains relevant.

Accordingly, possible scenarios for the development of events are not canceled. If the upward channel support holds, we may soon see the price retrace to the $70,000 area. And in case of a breakdown and consolidation below the 60,000 - 61,000 zone, the main cryptocurrency can be adjusted up to 55,000, or even 52,000 dollars for one bitcoin.

The global outlook is optimistic

The situation we are now discussing is the likelihood of a deeper local correction. But it doesn't change the long-term perspective. More and more analysts are giving six-digit targets for Bitcoin, focusing on the 2017 bull cycle.

However, IntoTheBlock founder Daniel Ferraro notes that institutional activity in bitcoin is growing rapidly, making it less speculative.

He notes that the average size of a Bitcoin transaction over the past seven days was 983,000. It has increased by about eight times compared to what it was during the peak of 2017 and five times since the beginning of the year. At the time of the April high, the average transaction size showed that Bitcoin was more speculative and retail-oriented.

On the other hand, network data provider Santiment noted that traders' interest in buying flops is growing. "Typically, it takes a little crowd fear for prices to bounce completely," they added.

So, perhaps, the failure will be redeemed this time too.

Even private investors are running away from inflation

In recent years, there have been widespread fears about inflation. In the context of the growing excitement, Bitcoin is increasingly becoming a defense against inflation for completely different categories of people.

Recently, Canadian psychologist Jordan Peterson spoke about the preference for bitcoin as insurance against inflation. He tweeted that he "bought more bitcoin" to counter the impact of inflation.

Peterson first became convinced of the relevance of BTC about three months ago when he interviewed prominent Bitcoin supporters, including John Valdis, Richard James, Gigi Der, and Robert Breedlove.

With growing worries about inflation, which reduces the purchasing power of money through higher prices for goods and services, more private investors are likely to invest in bitcoin. It has already proven its ability to add value over time rather than lose it.

Bitcoin is considered the most promising inflation hedge due to its limited supply. According to the Case Bitcoin website, the projected inflation rate for BTC for next year is 1.78%. In the US, inflation will rise even more by the end of the year, according to Kiplinger, a leading economic forecaster.


The material has been provided by InstaForex Company -