On the 4-hour TF, it is visible that bitcoin has not managed to overcome the $ 24,350, but it also could not leave below the $ 18,500. From the two levels of $17,582 and $ 18,500, it is possible to form a support area, which so far keeps bitcoin from falling further. It should also be remembered that bitcoin has been flat for three months on the 24-hour TF. It is not visible on the 4-hour TF, but you can see how the price left the weak ascending channel. But, as already mentioned, it has not yet been possible to gain a foothold below the $ 18,500 level. Thus, for a further drop in quotes, it is necessary to wait for the overcoming of the above area.
Meanwhile, experts, economists, and analysts continue arguing about bitcoin's prospects. These disputes have been going on since bitcoin began to win the hearts of investors, even ten years ago. At any given time, there will be those who will say that bitcoin is about to go into growth, and there will be those who treat bitcoin with a fair amount of skepticism. One is Peter Schiff, who began criticizing bitcoin a few years ago. He has tweeted that the markets rarely give traders and investors time to buy at the very "bottom." Recall that we have repeatedly said the same thing in our recent articles regarding the euro currency, the pound sterling, and bitcoin. If a major trend ends, it usually ends quickly and abruptly. Bitcoin has been pushing around its annual lows for three months now. If it were the "bottom," growth would have started long ago.
Schiff called the current levels a "false bottom" and warned investors against buying, as this could be a trap, and bitcoin could fall much below the current levels. He also drew an interesting parallel with a sinking ship. According to Peter, "fools try to get on a sinking ship (bitcoin) when they need to leave it as soon as possible." Schiff also noted that the bitcoin dominance index has fallen to a minimum since 2018, and bitcoin itself has to compete with 21,000 other cryptocurrencies, gradually reducing the long-term demand. Suppose earlier market participants knew only bitcoin and ether now, as interest in cryptocurrencies grows. In that case, investors are increasingly paying attention to new tokens and NFT, which have significantly greater growth potential.
On the 4-hour timeframe, the quotes of the "bitcoin" apparently completed an upward correction. We believe the decline will continue in the medium term, but we need to wait for the price to consolidate below the $17,582 - $18,500 area. If this happens, the first target for the fall will be the level of $ 12,426.