27.07.202206:41 Forex Analysis & Reviews: Bitcoin has been correcting for a month and a half, it's time to go down again!

This week, the world's first cryptocurrency increased to $ 24,350. This level is significant, and we determined bitcoin's future trend by fixing it below. This level was first breached, but the price could not gain a foothold above it and rebound. As a result, we already have signals for new "bitcoin" sales. Furthermore, the descending trend line is still in play, and the cryptocurrency has yet to approach it. It also suggests market participants are still in a "bearish" mood. It turns out that a one-and-a-half-month pause, during which bitcoin has adjusted by $ 6.5 thousand, is exactly that: a pause, but not the end of a downward trend. As a result, even technical analysis continues to point to a very likely new fall.

In theory, the fall has already begun. Bitcoin may return to its annual lows in the near future, and because it has not moved far enough away from them, there is every reason to believe that they will be overcome. Following that, the drop will commence with a target of $12,426. The fundamental history of "bitcoin" is still very complicated. All those experts who projected bitcoin would be worth $100,000 in 2021 and then again in 2022 are missing something. Naturally, everyone is blaming the Fed for what is happening, as if the Fed's job is to boost bitcoin's value! As a result, the projection for bitcoin is similar to that for US stock indices: it should rebound to pre-pandemic levels. And as previously said, these tiers are positioned near the $6,000 level. The possibility of the "bitcoin" falling remains high, in our opinion.

Today, the Fed will hike the key rate by at least 0.75 percent, which might spark a new crash. Naturally, the collapse could start tonight. The markets have long been aware of the Fed's plans, so any decisions tonight will not surprise them. However, given the constant and continuous tightening of monetary policy, the first cryptocurrency has no other option but to fall.

During the 24-hour period, the "bitcoin" quotes were set below the level of $ 24,350. As a result, the target is now $ 12,426. The "bitcoin" attempted three times to break through the $ 18,500 (127.2 percent Fibonacci) but failed each time. In theory, bitcoin can now fall to any value, including zero. Of course, this is unlikely to happen, but we believe the rate of 5-10 thousand dollars per coin will become a reality in 2022. The recovery from $24,350 is a new sales indication. This indication will be confirmed if the price falls below $18,500.