Nothing remarkable occurred during yesterday's Bitcoin trading. The quotes are still near the psychological level of $ 60,000 per coin and can neither start a correction nor continue the upward trend. Over the past 2-3 weeks, it has been repeatedly mentioned that each subsequent turn of the upward trend turned out to be weaker than the previous one. But Bitcoin did not have such 10-day downtime during the current upward trend. Thus, from our point of view, bitcoin is still preparing for a strong correction, which is likely to be the beginning of another end. It is not advisable to bury bitcoin ahead of time (especially when it is not far from its absolute highs), but the option with a loss of value by 50% or more can not be completely excluded. Of course, this does not mean that bitcoin will collapse and will no longer rise. A new upward trend will begin, within which the figure of $ 100,000 can be conquered. But at the moment, it looks like the current trend is over or nearing completion.
Meanwhile, Forbes magazine has updated its ranking of billionaires. Back in 2020, there were only three of them, and now the list includes 12 cryptocurrency owners. The most famous crypto billionaires, the Winklevoss brothers, occupy only the fourth and fifth place in the ranking of the richest people. The one who holds the first place is the head of the FTX crypto derivatives exchange Sam Bankman-Fried with a fortune of $ 8.7 billion, while in second place is the head of Coinbase Brian Armstrong and the head of the Binance crypto exchange Changpeng Zhao with a fortune of $ 6.5 billion. In third place is Ripple co-founder Chris Larsen with a fortune of 3.4 billion evergreen currency. However, it is obvious that the Forbes list has been replenished with new crypto billionaires due to the growth in the value of bitcoin and other cryptocurrencies,
At the same time, PayPal co-founder Peter Thiel expressed a very interesting idea. He believes that bitcoin may eventually turn out to be China's "financial weapon against the US dollar," which he voiced publicly at an event of the Richard Nixon Foundation. As cryptocurrencies threaten fiat money, Thiel suggested that bitcoin could be considered as China's weapon against the US dollar. Recall that more and more experts are voicing the opinion that bitcoin can displace the US dollar from its place as the main reserve currency of the world. This is the opinion, for example, of the chief strategist of Morgan Stanley Investment Management Ruchir Sharma. He said words to the effect of "Politicians are confident that in response to the coronavirus pandemic, they can print dollars in any quantity without undermining the status of the reserve currency. But this factor was the reason for the emergence of the dollar's competitors - cryptocurrencies."
Technically, nothing changes. Buyers still cannot overcome the level of $ 60,000, but the downward correction (full-fledged) has not yet begun. It seems that bitcoin is now in a dangerous position, when any large sale can trigger an avalanche of sales of the digital gold. We still believe that BTC is now vital for the influx of new investors, otherwise most of the market participants may consider that its current value is the maximum and start to get rid of it. Thus, if the price is fixed below any support line (all three are indicated in the illustration), we will expect a fall to the next one.
