The collapse of the crypto market, exactly predicted in our forecast, happened, as we promised, 2 days before the Libra hearing. But Bitcoin fell below the expected 11 K, although not by much. This is understandable given the two force majeure factors – the denunciation to Libra (letter to Facebook) by a group of congressmen and Trump’s statement against crypto, made, obviously, in line with his new election campaign.
The main question is whether the trend has changed?
Hamsters do not know what to do. Indeed, when to pick up bitcoin, at what level? And whether to pick up at all? And what if the collapse continues? The most powerful man on Earth (no, not Putin with his nuclear torpedo and Hypersonic Missiles) unequivocally spoke out against crypto. Is this verbal intervention enough to reverse the trend on the crypto market from ascending to descending?
A number of experts believe that yes, this is quite enough. Trump and the United States Congress together can do it.
Alfonso Esparza, Senior Market Analyst at Oanda Corp. said that «Trump’s stance on the crypto market and Facebook’s Libra has brought Bitcoin bears back to life». In an interview with Bloomberg, the expert emphasized:
– Bitcoin continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency. It could fall further to $8,000, giving back all the gains made in June.
Other experts argue that yes, this is the return of a bearish trend that will last at least until the end of the year.
The opinion of the Coinstelegram analytical unit does not coincide with these panic moods. We understand that no specific forecasts in crypto are impossible. Our market is too small – therefore neither the fundamental indicators, nor the technical ones, fully operate. But still there is an opportunity to anticipate trends.
Our forecast is that the correction may continue to the level of $ 8 K. But this does not mean trend reversal. From the beginning of the year, Bitcoin showed an increase of 3.6x at the peak. We believe that growth will continue, with a possible new correction near the date of the Fed meeting on July 30.
