Bitcoin has returned to the $40,764 level, which is the local high of May 26. That is why we believe that the probability of a rebound from this level is high. However, in any case, this level can greatly help traders in trading, since if it is overcome, market participants will receive a new buy signal. Over the past day, the price tried to overcome it several times, but a rebound followed each time, which did not lead to the beginning of a new downward movement. Thus, the fate of bitcoin for the next few days or weeks may be decided just today or tomorrow. Bear in mind that our forecast suggests that Bitcoin will continue to consolidate for a long time to come. And within the framework of this consolidation, it can rise up to $50,000. But in general, we believe that in the next year or two, cryptocurrency will tend to fall. However, not everyone thinks the same way as we do. For example, the company MicroStrategy, whose main activity is associated with the development of analytical software, recently placed bonds in the amount of $500 million with the aim of investing all the money received in bitcoin. This news has spread all over the internet and the media in just a short time, and now the company already announced its desire to invest another $1 billion in bitcoin. This time, it is about the sale of its own shares by the company in order to obtain funds for new purchases of "digital gold". The corresponding application was placed with the US Securities and Exchange Commission, about which the company notified all those interested in its activities on its own website. Thus, in the near future, the company's balance may exceed 100,000 bitcoin coins. Of course, this does not mean that now everyone will follow the example of MicroStrategy and rush to buy bitcoins. So far, the company's activities in the cryptocurrency market are reminiscent of sailing against the wind.
At the same time, Alex Mashinsky, CEO of Celsius Network, said that he considers the growth of bitcoin to $160,000 by the end of 2021 to be a very realistic scenario. Earlier, he said that by the end of the year, cryptocurrency could rise in price to $70,000. Mashinsky said, "China may do something crazy and it's gonna crater Bitcoin tomorrow but overall, the trend is up to the right... If people hodl, if people sit on their coins, then we're going to break $100K and we may reach all the way to $160K this year." We talk about forecasts like this in our articles a lot. At a time when China is just following the path of a total tightening of the sphere of circulation of cryptocurrencies, Mashinsky makes an unbelievable forecast with the clarification "if China does not go crazy."
Technically, bitcoin quotes rose to $40,746 on the 4-hour timeframe. Thus, the fate of bitcoin for the next few days or weeks may be decided in the next few hours. If this level is overcome, the growth may continue with the targets of $43,852 and $47,070. If not, then a new round of the downward movement will begin up to the level of $30,500.