FX.co ★ Bill Miller: Bitcoin will continue to grow

Bitcoin quotes resumed falling on Wednesday, and it fell to the value of $52,500 at the moment. We have already said earlier that we are waiting for the continuation of the fall in bitcoin quotes for several reasons at once, and the main ones are technical. The most important thing that has happened recently is not even breaking the critical line. According to the Ichimoku system, the Ichimoku cloud must now be overcome in order for the downward trend to develop. Fixing below the ascending channel is important, but this does not mean that 100% of the price will now go down, without options. After all, everything will still depend on the mood of investors and traders. If, for example, tomorrow Elon Musk announces his desire to buy BTC for another couple of billion dollars, then you do not need to guess for a long time what will happen. The best thing about the technical analysis is that it does not take into account the possible future events that no one knows about — it exhibits the current state of things. And at the moment, it clearly shows that bitcoin now needs to gain a foothold below the Ichimoku cloud and the $50,770 level, so that we can talk about something more than a banal correction. We continue to highlight the fact that the upward trend has clearly weakened in recent weeks, and yesterday we provided comparative illustrations of bitcoin's movements in 2013-2014 and in 2017-2018. From our point of view, those periods of ups and downs are very similar to what is happening with bitcoin now. At this time, we can say that a very large number of large investors, institutional investors, have come to the market and they will not dump bitcoin at the slightest danger. However, no one can give a 100% guarantee that it will be so. We continue to pay attention to the fact that so many billionaires and investors continue to assure that bitcoin will continue to grow and none of them says that it's time to adjust at least a little! We believe that this is a very important point.

For example, the famous US investor Bill Miller believes that the current growth of bitcoin is different from what it was in 2017. Miller said that in 2017, bitcoin was a "bubble" that eventually burst, and now it is not. According to Miller, the supply of bitcoin is growing by 2% per year, and the demand is increasing much faster. And that's all you really need to know about bitcoin. The investor also explained that the high volatility of bitcoin is a payment for its "high potential and great opportunities." He added that he believes bitcoin is better than digital gold and much more convenient.

In technical terms, bitcoin continues to be below the critical line, as well as below the ascending channel. Thus, according to all the canons of technical analysis and the Ichimoku indicator, a downward correction should now follow. However, we also pay attention to one important fact: BTC quotes fell exactly to the previous local low near the level of $50,770, and bounced off it. Thus, further downward movement is impossible without overcoming this level. If the consolidation below the level of $50,770 takes place, the fall of the cryptocurrency will continue!