Bitcoin managed to rise to $52.5 thousand per coin. Therefore, a huge number of experts immediately announced the restoration of the upward trend and the imminent update of the absolute highs. However, not everything is so fast and so good. Of course, bitcoin is one of the most popular things in the last 10 years, if not the most. Cryptocurrency can grow in one day by $5-10 thousand, but it still can not do it all the time. In order for the cryptocurrency to grow, new investors are needed, a constant influx of new investors. Otherwise, the price will stand in one place. And when the outflow of investors begins, the price will begin to fall. And in order for the influx of investors to continue, more and more companies and institutional investors need to believe in the growth of bitcoin. However, not all companies are ready to follow the example of Tesla and MicroStrategy. Even though many banks and payment systems have recently announced their willingness to integrate cryptocurrencies into their professional activities and allow their customers to store and transfer bitcoin, it is still not the same as investing in bitcoin, as Elon Musk's company and an analytical software provider did. Thus, at the current high cost levels, there are few people willing to buy bitcoin. Venture capitalist Tim Draper, who is a fan of bitcoin, believes that the next major investor in the cryptocurrency will be the streaming service Netflix. Draper also expects that the ability to pay with bitcoin will be added by the largest online platform Amazon. By the way, there are no comments from the official representatives of these companies. Although, in the case of Amazon, this is quite real, because it is simply about enabling users to pay with cryptocurrency. But in the case of Netflix, everything is more complicated, since we are talking about investments. Thus, the "foundation" for bitcoin is as follows: if there are new large investors in the near future, then "digital gold" can conquer the level of $60,000 per coin. But even this level looks already unprecedentedly high. We are leaning towards a new round of correction, and here's why.
On the daily timeframe, it can clearly be seen that the price has adjusted by 61.8% Fibonacci after falling from $58.5 thousand per coin. Thus, the technical picture is very similar to the beginning of a new round of correction, in which bitcoin can go below its previous local low of about $43 thousand per coin. Thus, we expect a new drop in bitcoin, and if the 44,000 support does not stand, the correction may be delayed and strengthened.
The material has been provided by InstaForex Company - www.instaforex.com