The quotes of the main cryptocurrency, after spending four days near the support level of $31,100, still overcame the said level, and now continue to fall to the next support level of $29,700. By and large, this level has already been reached, and it can be overcome in the coming hours. If this happens, a new wave of sales will cover bitcoin, which will provoke a new drop in quotes. This is exactly what we have been talking about in recent days. The technical picture for bitcoin did not suggest anything other than a further fall. Only in the last couple of hours, the main cryptocurrency has fallen in price by $1200 and it does not seem that investors are thinking about buying the main cryptocurrency. It was mentioned earlier that institutional investors failed to maintain the bullish trend.
Yesterday, it became known that in the period from July 16 to 18, an unknown investor bought almost 30,000 coins, which he distributed to 8 addresses, which already had 8,000 coins at that time. Thus, in total, this transaction is estimated at almost $1 billion. However, even such a large transaction did not help bitcoin to start a new round of growth. Therefore, at this time, most owners are probably trying to get rid of the cryptocurrency and its "counterparts". The ultra-negative fundamental background, the unclear prospects of the entire cryptocurrency market, the possible tightening of the regulation of bitcoin circulation in the United States, as well as the simple lack of faith in rapid growth, put the strongest pressure on the quotes of the first cryptocurrency in the world.
However, some experts advise not to despair. Bitcoin remains an extremely volatile digital instrument and for it to return to the highs of 2021 is not a "mission impossible". Strong corrections have happened before. Every time the "bullish" trend ended, the cryptocurrency lost up to 90% of its value. Thus, the long-term prospects for bitcoin remain quite positive. However, most experts still tend to believe that in the coming months, the decline in bitcoin quotes will continue. The level of $24,000 per coin is considered the first target, but everyone claims that the cryptocurrency can sink to $10,000. Experts also believe that bitcoin can consolidate until 2023, which completely coincides with our forecasts. It has already been repeatedly stated that after each bullish trend, the cryptocurrency goes into consolidation for a year or two. However, experts forecast a fairly strong growth factor for bitcoin, which will begin to influence the exchange rate in 2023. This factor is halving, that is, a reduction in the reward for one mined block, which is planned for 2024. Usually, a year before the next halving, a new upward trend begins to form.
Technically, bitcoin overcame the support level of $31,100 and worked out the level of $29,700. Thus, if the last level is also overcome, bitcoin will clear its way to the level of $24,350. The fundamental background and the very fact that the bullish trend is over, now speak in favor of continuing the fall of "digital gold". It should also be noted that if the fall of bitcoin is so strong now, where can the cryptocurrency be in the next 12-15 months? After all, only a few months have passed since the end of the bullish trend, and bitcoin has already lost more than 50% of its value.
