FX.co ★ Michael Saylor: Bitcoin will grow to $500,000 within 10 years.

At the 4-hour TF, something happened that we had been waiting (or not waiting for) for a long time and what we feared. Bitcoin has "collided" with the upper limit of the descending channel. There was no rebound or overcoming of this line, and the quotes still move sideways. Thus, it seems that the fate of the descending trend line on the 24-hour TF will also befall the descending channel on the 4-hour one. The pair will go beyond its limits, and such an exit cannot be considered a signal. In this case, we will only have a side channel or two side channels. One is wide, and the second is narrow - both with a lower bound at $18,500. Everything depends on this level right now. It is this level that prevents bitcoin from moving further down. It is this level that many experts call the "bottom."

One of them is the well–known Michael Saylor, already the former head of Microstrategy. He did not leave the company but took another high-ranking position. But he continues to monitor bitcoin actively and predict. According to him, in the next four years, bitcoin will update its maximum to around $ 69,000 per coin, and in the next ten years, it will grow to $500,000. He also said that his investments in the first cryptocurrency amount to more than 17 thousand coins, which he purchased two years ago for $9,500. Once again, Saylor noted the main advantage of bitcoin – it cannot be controlled by central banks and governments. He predicted high chances of replacing ordinary gold with "digital." As you can see, time is passing, and bitcoin is rising and falling, but Saylor continues to voice such figures that it is hard to believe. Perhaps this is an attempt to "pump."

We have already said earlier that such forecasts should be treated with caution since Saylor admits he owns huge bitcoin assets. Therefore, he is very much interested in any growth. And to do this, you must encourage as many traders and investors as possible to buy coins. In this case, the demand will grow, but the supply will not, and the rate will go up. However, judging by the current value of cryptocurrency, not many people are in a hurry to transfer their hard-earned money into cryptocurrency.

In the 4-hour timeframe, the quotes of the "bitcoin" continue to move sideways. We believe the decline will continue in the medium term, but we must wait for the price to consolidate below the $17,582-$18,500 area. If this happens, the first target for the fall will be a level of $12,426. The rebound from $18,500 (or $17,582) can be used for small purchases, but be careful – we still have a downward trend, and there is an absolute flat in it.