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As time goes on, the arguments in favor of bitcoin's growth do not change.

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On the 4-hour TF, the technical picture of bitcoin indicates a possible movement in the coming days to the level of $ 45,408. This is signaled by overcoming the upper line of the triangle. However, we remind you that this triangle is quite formal because its upper line is built through the first and third peaks, and not through the first and second peaks. Thus, this pinning may mean absolutely nothing. The main thing remains the fact that the instrument continues to trade in the side channel between the levels of $ 34,267 and $ 45,408.

Crypto experts still call the same reasons for the growth of "bitcoin".

Meanwhile, many "crypto experts" and "people of the cryptocurrency industry" continue to predict strong growth of bitcoin in the next year or two or five. However, they are already trying not to give such rash forecasts as they gave earlier. For example, "bitcoin will rise in price to $ 100,000 by the end of the year." However, the reasons why bitcoin will grow in the long run remain the same. For example, many experts believe that bitcoin is much better than gold and will overtake it in popularity among investors sooner or later. By the way, there is another point of view here. Gold is a precious metal that can be used not only as an investment but also for its intended purpose. For example, it can be used to make jewelry that will only increase the value of gold. But bitcoin will not be used for its intended purpose, since it is just code that is inherently useless.

A very popular opinion is that bitcoin will continue to gain popularity among the world's population. That is, more and more ordinary citizens of many countries of the world will use it in their calculations, which will increase the demand for it and lead to a new increase in value. However, from our point of view, everyone who wants to deal with bitcoin has been working with it for a long time. And those who didn't want to, are unlikely to change their minds. After all, bitcoin is far from the only way to conduct calculations. Also in recent years, we have seen that the governments of many countries around the world are struggling with cryptocurrencies and tightening control over them, rather than contributing to the development of the industry. For example, China has completely banned cryptocurrencies on its territory. Many countries have tightened the taxation of digital assets. For example, the USA. Thus, the growth of the popularity of cryptocurrencies in the world is far from obvious.

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In the 4-hour timeframe, the quotes of the "bitcoin" came out of the triangle, so they can continue to grow with a target of $ 45,408. There are simply no other benchmarks other than this level and the $ 34,267 level right now. The instrument is located in the side channel in the long term, so it can move in any direction inside it.


Trading analysis offered by RobotFX and Flex EA.
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