FX.co ★ Crypto-enthusiasts are slowly starting to give up on crazy predictions

The 4-hour chart shows that Bitcoin continues to move mostly sideways, which is fully in line with our expectations. Recall that in 2022, Bitcoin was traded according to the "collapse – flat – collapse" strategy. Thus, despite crossing the ascending trend line, we can now observe a long flat.

The entire cryptocurrency market is divided into enthusiasts and critics. The former, as a rule, own the cryptocurrency themselves or are directly related to it, so they are personally interested in the eternal growth of Bitcoin and its "siblings". The latter can look at the situation more soberly and give much more pessimistic forecasts. You will hardly ever hear enthusiasts say that Bitcoin will fall because they believe that it will only grow. On the contrary, we often hear negative forecasts from the critics regarding the future value of Bitcoin. However, time is passing, Bitcoin is not rising, crypto enthusiasts have to postpone their "super forecasts" for a longer period.

One of those is Erik Voorhees, CEO of the ShapeShift crypto exchange. It is obvious that the profit of his company directly depends on the popularity of cryptocurrencies. And the popularity of crypto is very low now, since so many traders and investors use it for other purposes than its intended purpose – as an alternative to fiat money. They use it as an investment tool. And since Bitcoin has been falling for more than a year, now few people want to invest their hard money in it. Voorhees believes that Bitcoin will begin to grow in the near future and will reach $40,000 by the summer. In an interview, he spoke about his readiness for a "great return." But as a justification for his point of view, Voorhees pointed out... interest rates are held high, monetary conditions are tighter... That the factor that has been putting pressure on all risky assets for about a year will suddenly begin to support them and provoke growth? A very strange opinion.

In addition, Voorhees said he does not know when Bitcoin will update its record value. In his opinion, the bullish trend will have to wait from 6 months to 3 years. Thus, it is not quite clear: Bitcoin will grow up to $40,000 this summer, but will not start a bullish trend? As we can see, many forecasts of crypto-enthusiasts are full of "holes" in justifications. I don't expect Bitcoin to grow yet.

On the 4-hour chart, Bitcoin quotes quickly formed an uptrend and settled below the trend line. Therefore, at this time, I expect the cryptocurrency to continue falling towards $12,426. The intermediate target is the last local low at $15,500. It can happen at any time, either now or in several months. I don't see any reason why Bitcoin could show strong growth in the near future.