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The popular forecast for the growth of a digital asset to the indicated level by the end of the year turned out to be unrealistic.
The most capitalized cryptocurrency – bitcoin – started the new work week with a sideways movement. As of 09:30 (Moscow time), the digital asset is trading at $ 46,418. The minimum value of BTC in 24 hours, according to the CoinMarketCap resource, is fixed at $ 46,218, the maximum is at a height of $ 47,999.
Bitcoin chart. Source: TradingViewAgainst the background of a prolonged fall in the bitcoin rate, members of the crypto community shared their forecasts for a digital asset. Microblogging leader PlanB, the analyst who developed the S2F forecasting model for BTC, still believes that there is a growth potential for the cryptocurrency. We will remind, earlier he claimed that bitcoin will be able to break through the level of $ 100 thousand before the end of the year. Against the background of a prolonged correction in BTC, the analyst began to admit that his forecast would not come true.
PlanB noted that it will take “a miracle” for bitcoin to break through the $ 100K level by the end of the year. At the same time, he does not intend to give up S2F signals if his forecast does not come true.
PlanB, among other things, explained its positive outlook for BTC by the fact that the regulators of the countries continue to fight the financial crisis with the help of quantitative easing policies. It implies printing with the subsequent injection of new lots of money into the economy. Artificial flooding of the market with assets, due to the increase in supply, negatively affects their value.
In contrast to traditional money, which is controlled by the authorities, the emission of bitcoins is strictly limited. In total, about 21 million BTC will be mined. At the same time, approximately every 4 years, the bitcoin mining speed decreases by 2 times, increasing the deficit of the cryptocurrency. This position of BTC, according to PlanB and many other members of the crypto community, makes the digital asset especially valuable.
Many members of the crypto community believe that BTC is on a local bottom. An analyst at Inmortal is confident that bitcoin will begin to move to highs in early 2022.
Analyst Peter Brandt, who managed to correctly predict the 2018 bitcoin correction, agreed with the opinion that BTC is near local minimums. At the same time, he drew attention to the fact that the cryptocurrency moves in the body of the side channel. The analyst did not rule out that in the future, BTC will be able to return to its lower edge again.
Analysts on the Twitter Root channel, in turn, drew attention to the fact that bitcoin is characterized by periods of sales before updating the maximum value, within the cycle. In their opinion, the cryptocurrency has not yet realized its growth potential.
Meanwhile, while bitcoin continues to move sideways, digital asset investors are forced to look for alternative ways to make money on cryptocurrency.
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