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Bitcoin seems to have consolidated above the local mirror level of 47,124.39, marked with a blue dotted line. If the optimism of cryptocurrencies continues, as indicated in yesterday's review, there is a high probability of seeing $50,000 per coin very soon.
In the meantime, the forecast is slowly being worked out, the technical guidelines are clear, it is worth noting that the latest news is very contradictory. We are talking about the long-term forecast and the views of reputable investors on the future of the main cryptocurrency.
Today's news feeds exploded with reports that Cathie Wood sees bitcoin will grow tenfold, reaching $500,000 in about five years. The head of Ark invest builds her forecast on the growing demand of institutional investors and is probably right.
But Ray Dalio, founder of the world's largest hedge fund, Bridgewater Associates, looks at the situation from a different angle. He believes that regulators will eventually take control of bitcoin if the cryptocurrency does indeed gain massive success.
"I think that in the end, if it really succeeds, they will try to kill bitcoin. And I think they will kill it because they have ways to do it," Dalio said in an interview with Andrew Ross Sorkin on CNBC's "Squawk Box" on Wednesday at the SALT conference in New York.
This idea sounds exaggerated, but not without foundation. US regulators are increasing their oversight of the volatile cryptocurrency space due to high volatility in speculative markets. Securities and Exchange Commission chairman Gary Gensler said on Tuesday that Wall Street's main regulator is working overtime to create a set of rules to protect investors by better regulating thousands of new digital assets and coins.
Dalio, however, does not give up on bitcoin and believes that it is a good alternative to cash. He said that he himself owns this cryptocurrency, but the share in it is smaller compared to gold.
"I think it's worth considering all alternatives to cash and all alternatives to other financial assets. Bitcoin is an opportunity. I have a certain amount of money in bitcoins," Dalio said.
No matter how authoritative or, on the contrary, exaggerated the statements of eminent investors may sound, it is worth remembering that for a speculator trader, it is mainly local price fluctuations that matter. In the meantime, US regulators have not "killed" bitcoin (if this, of course, happens), you can take a small profit from the market on short-term fluctuations, and may technical analysis help with this!
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