During the weekend (the cryptocurrency market is open), bitcoin failed to show a powerful movement. In principle, we can only note the second test of the $ 40,746 level, which we consider very strong and even trend-forming. In other words, if it resists the onslaught of bears, then bitcoin may return to the "bullish" trend. Maybe not for long, since the fundamental background is still not on the side of the "bitcoin", but still. If this level is overcome, then the path will be open up to the level of $ 31,100. Yesterday, we were already wondering whether institutional investors will be able to save bitcoin from falling this time? Recall that many experts on the cryptocurrency market believe that major players continue to increase their stocks of "digital gold" coins. To understand what is happening, we recommend paying attention to the period in May-July 2021, when bitcoin could not overcome just the level of $ 31,100. Buyers immediately redeemed all available coins as soon as the price approached this level. In other words, investors regard this level as very attractive for purchases. Will it be the same with the $ 40,746 level? We believe that each subsequent price rebound from this level will increase the chances that it will eventually stand. So far there have been only two tests.
Goldman Sachs believes that bitcoin will grow to $ 100,000, but growth will be slow.
Meanwhile, analysts at the major investment bank Goldman Sachs said that bitcoin will continue to be in demand from investors as an alternative to gold. According to the bank's representatives, bitcoin can increase its share in the savings market to 50% over the next 5 years. And if this happens, the price of the cryptocurrency will rise to $ 100,000. What is noteworthy is that Goldman Sachs indicates a clear period when this may happen, and this forecast does not contain "fiction", like "the cryptocurrency will grow to $ 100,000 within the next week." There is a clear justification for why this may happen, there is a clear deadline. From our point of view, this forecast can be trusted. At the same time, trader Peter Brandt said that in the coming months, the cryptocurrency may fall to the level of $ 30,000 per coin, where, in his opinion, the "bottom" of the correction is located. It is very important that almost none of the experts and analysts now see bitcoin below the $ 30,000 level, as they believe that investors will immediately start buying it, as it was last year. Well, we'll see. In the meantime, it should be recalled that about 90% of all possible "bitcoin" coins have already been mined. There are only about 2 million coins left, which will take at least 100 years to mine since the reward for the extracted block will constantly decrease. The next "halving" should happen in 2024.
On the 4-hour timeframe, the trend remains downward (trend line). BTC quotes dropped to the important level of $ 40,746 but bounced off it twice. If the price is fixed below this level, then the path will open up to the level of $ 31,106, from which a new round of cryptocurrency growth began last summer. We believe that the probability of continued decline is very high. Institutional investors may try to defend the $ 40,746 level, but will they succeed on a bearish trend?