Bitcoin has paused in its rise in the last few days. An attempt to break through the previous peak, located around $64,706, was unsuccessful. Thus, at this time, the quotes began to move away from the maximums reached. This retreat of quotes can be either a new downward wave or a new downward trend section. I would say that now almost everything for bitcoin depends on the $64,706 mark.
Starting from June 22, 2021, the BTC/USD instrument has already built a five-wave structure. And if this is so, then the construction of a downward set of waves, a three-wave minimum, will begin or has already begun. And the targets of this set of waves are located near the $51,000 mark. Thus, a new increase in bitcoin quotes can be expected either after a successful attempt to break through the $64,706 mark or after the completion of the construction of a three-wave section.
Bitcoin fell to $8,000 on the Binance exchange.
A rather remarkable and even funny event happened last week. Bitcoin quotes dropped to $8,000 per coin on the Binance cryptocurrency exchange. Naturally, this was an algorithm error, and only in the terminal of a single user. However, when this happened, some analysts again began to speculate about the likelihood of Bitcoin dropping 80-90% from current peaks. The fact is that after almost every upward trend, there was a decrease in bitcoin quotes, which should not be surprising since corrections are an integral part of trading.
However, in the case of Bitcoin, these corrections accounted for up to 90% of the entire trend. When markets realized that the upward trend was over, they got rid of bitcoin at almost any price, which led to a strong fall in cryptocurrency. So now, when bitcoin has been growing for a year and a half, many analysts began to talk about a possible new collapse of the first cryptocurrency. Moreover, the wave analysis shows the completion of the construction of the next five-wave structure, therefore, it can be changed not only by the corrective, three-wave structure but also by the five-wave, impulsive one.
The outflow of bitcoin from the Binance exchange.
There was a large outflow of bitcoin coins amounting to $2 billion from the cryptocurrency exchange Binance last week. This means that bitcoin was actively bought and there was a shortage on the exchanges. That is, a fairly large number of coins were bought from the exchanges, so there are much fewer coins on sale. This could contribute to the growth of the bitcoin rate. And given this market behavior, markets and analysts continue to expect further cryptocurrency growth. This year the figure of $100,000 per coin was mentioned more than once. Thus, the course of the main cryptocurrency may eventually strive for this figure. But first, we need to clarify the wave counting, which can take both a three-wave form and a more extended five-wave one.
