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Crypto market update for December 23, 2021

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Relevance up to 04:00 2021-12-24 UTC+00

Bitcoin continues to systematically lose positions, but an upward pullback is necessary.

The value of Bitcoin did not change on Wednesday. In general, the moderate fall of the instrument’s quotes has continued for the last few weeks. Such a further decline in the rate of the first cryptocurrency currently looks most logical, since there are too many negative factors right now for cryptocurrencies. At the same time, Bitcoin can get support from wave analysis, since a correctional wave did not happen after falling by $ 27,000. Therefore, we believe that Bitcoin’s quotes may rise to $ 55,000 or so just in the New Year. But after this, the decline will most likely resume, since one of the wave structures does not exist. Based on this, there will be at least one more round of decline to the level of $ 41,394 or below. It should be noted that the forecasts of many analysts for 2021 turned out to be insupportable. Despite the fact that reports are constantly coming to the market that certain groups of investors continue to buy the first cryptocurrency, it has not been able to restore the upward trend in the last two months. Moreover, many analysts believe that the cryptocurrency exchange rate will be between $ 30,000 and $ 40,000 in the next few months.

PlanB analyst, who predicted $ 100,000 in 2021, admits that Bitcoin may fall by 80%.

Despite the fact that Bitcoin’s future does not look very optimistic at the moment, many market participants still believe in a good future of cryptocurrencies. This might be true, but it is unlikely that all cryptocurrencies will rise without a single downward trend. One of the most famous PlanB analysts, whose forecast did not come true in 2021, continues to insist that Bitcoin can grow to $ 100,000. The analyst believes that this will happen in the next few months, based on his calculations on the Stock-to-flow model he developed. At the same time, PlanB also says that Bitcoin will be able to make another downward trend, during which it will depreciate by 80%, as it has happened more than once in its history. According to the analyst, there will be a new ban on cryptocurrencies in China or India after the price reaches $ 100,000, or something terrible will happen and this will force investors to sell their coins, which will lead to the collapse of the main digital asset.

At the same time, trader Ton Weiss believes that Bitcoin will collapse to $ 20,000 in the near future. However, his forecast is very inaccurate in time, since it depends on halving in 2024, that is, when the remuneration to miners will decrease by half. It is until this time that Weiss expects a drop to $ 20,000.

The upward section of the trend by its internal structure does not cause any doubts and seems complete. If this is really the case, then the formation of a descending set of waves has begun and continues at this time. So far, it cannot be concluded that even the first wave of a new downward trend has ended, since the decline continues almost every day. Thus, wave a can take on an even stronger and more extended form. It can be recalled that Bitcoin is very dependent on the news background and mood of the market, so the first wave can take any extended form. Since the attempt to break through the 23.6% Fibonacci level was unsuccessful, the decline may continue with targets located around $ 42,731 and $ 41,394, which corresponds to 38.2% and 38.2% Fibonacci. There is also an option with an increase within wave b to $ 55,295, from which a decline is expected.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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