Crypto-currencies This suggests that investors and institutions are not eager to "save" bitcoin. As we've discussed in previous articles, the fundamental background for Bitcoin remains extremely poor.
And it is now extremely difficult for "digital gold" to attract new investors and investments into its network. And if so, then bitcoin is not growing in price and may lose even more in the near future, because the global trading robot bitcoin majority of miners and investors deal with bitcoin only because of its attractiveness as an investment tool.
If this attractiveness decreases, the flow of money into the bitcoin network also decreases. We have said earlier that the upward trend for bitcoin has dried up for several months in a row, and now there has been a collapse. Usually, in such cases, a longer downward trend began, which usually took years.
In the same period of time, the cryptocurrency simultaneously consolidated and came to a certain fair value for that period of time.
We believe that everything will be the same this time.
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One of the most important reasons why Bitcoin will not show strong growth in the coming months is that Elon Musk has radically changed his rhetoric towards Bitcoin.
No one knows exactly what Elon was thinking about bitcoin when Tesla invested 1. Surely, Musk had some ingenious plan, but most likely it did not work.
Naturally, the markets believe that Bitcoin trader morning show no longer believes in Bitcoin, and since the person who sends spaceships to Mars does not believe in it, then Bitcoin should not be bought. But Musk's recent comments only exacerbate the market's belief that he has renounced BTC. For Elon, bitcoin has become sharply ineffective and highly polluting the environment.
Thus, we still count on the rise of bitcoin quotes to the critical line and for a certain period of consolidation. Paolo Greco.