InstaForex

September 1, 2021

Willie Woo and Jack Dorsey predict a great future for Bitcoin

 Bitcoin continues to move just below the upward trend line and the Ichimoku cloud. Despite the fact that several strong sell signals have formed at once in the last few days, the markets are not in a rush to abandon Bitcoin. And from our point of view, this is a very significant factor at this time. It was mentioned earlier that there were no strong fundamental reasons for Bitcoin to rise by $ 21,000 over the past month. We assumed that its growth was provoked by the fears of market participants for the adoption of new tax legislation in the United States, with which the attractiveness of Bitcoin and other cryptocurrencies as investment instruments will greatly decrease due to tax collection. However, as practice shows, the markets have been acquiring the leading digital asset quite actively, but they are clearly in no hurry to get rid of it. Therefore, the local "bullish" trend may persist and continue. Technically speaking, Bitcoin sometimes moves just perfectly, but at this time, strong sell signals are simply ignored.


At the same time, some well-known analysts began to predict the growth of Bitcoin again to $ 100,000 this year. For example, this forecast was made by Willy Woo, who believes that a new wave of Bitcoin growth will begin in October-November of this year. He believes that large investors and long-term holders continue to accumulate coins, which will lead to an explosive growth of the asset sooner or later. And the founder of Twitter, Jack Dorsey, is going to launch a cryptocurrency exchange in the near future and delve into the cryptocurrency business. According to Dorsey, bitcoin can become the "national currency of the Internet", so it is the future. Earlier, Dorsey, Elon Musk, and Cathie Wood have repeatedly spoken positively about bitcoin and have repeatedly stated about their companies' investments in "digital gold" and derivatives related to it.


We can only watch who will win this time – technical analysis, which predicts a strong new decline of the Bitcoin, or dubious fundamental factors, which are now expressed only by the next portion of the forecasts, that is, $ 100,000 by the end of the year.


From the point of view of technical analysis, Bitcoin continues to be in an upward trend on the four-hour timeframe, but a price consolidation below the upward trend line opens up bearish prospects for the cryptocurrency. The main cryptocurrency has consolidated below the Ichimoku cloud and the level of $ 47,500, so the downward target is now the $ 43,852 level. However, traders are not in a rush to get rid of Bitcoin, so it has been in a narrow range for several days and cannot continue to decline. Everything should be decided in the upcoming days.