Forex Analysis & Reviews: 08.03.2023 - Bitcoin need an increase in...

Live Chat

InstaForex Loprais Team - Official participant of the Dakar rally

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex - Official partner of Dragon Racing

08.03.2023 05:12 PM

Bitcoin need an increase in oil prices

The picture is clearer on the 4-hour TF. Following a recovery from the most crucial level of $25,211, the price fell to the upward trend line and confidently overcame it. Technically speaking, this significantly raises the likelihood of a further decline in the value of the cryptocurrency. Trades can now be expected to reach the target of $20,400, which essentially corresponds with the target that is closest to the 24-hour TF and where the Senkou Span B line runs. Also, it should be noted that the price is situated beneath every Ichimoku indicator line. In the near future, we think a new downward trend is beginning.

Despite an unsuccessful attempt to break through the side channel's upper limit, bitcoin is still falling, and global experts continue to express their predictions for its future value. As usual, there are two groups of experts. For years, the first group has consistently predicted that there will be a minimum of $100,000; the second group is more skeptical. For instance, Arthur Hayes, the former CEO of BitMEX, predicts that the global economy will experience an oil crisis, which will give cryptocurrencies a boost. According to him, the conditions for bitcoin's growth would be created by a rapid increase in energy prices. Also, according to Arthur Hayes, loosening the Fed's monetary policies would encourage bitcoin to start developing a new "bullish" trend. According to Mr. Hayes, the demand for energy resources would rise globally while the oil supply would be reduced by international oil producers. Moreover, the former CEO of BitMEX thinks that because there is a limited quantity of bitcoin, the dollar will lose its dominance.

Almost every argument made by Hayes is one we reject. First off, given that it has been increasing for many years, it is unclear why the US dollar will fall in value. Second, why will bitcoin's price increase based on a "limited quantity" remain a mystery? Although it has always been the case, bitcoin's growth is not constant. Third, if oil production is simply not profitable for global exporters, why is it required to increase, and why will it stop? We think that the only thing that can keep bitcoin and other crypto assets supported is loosening Fed monetary policy. But this time is still a long way off. The market should at least have some indication from the Fed that it is prepared to start relaxing before the growth of bitcoin starts a few months before the first Fed rate decrease. It only has feedback signals in its current state.

The bitcoin cryptocurrency failed to surpass $25,211 in the 4-hour time frame, moving $3,000 away from previous highs. We think it is now prudent to maintain sales at around $24,350, with the closest target being $20,400. If the level of $25,211 is reached, they should be closed. Also, when the trend line was crossed, an increase was possible. If the $25,211 level is reached, it will be quite safe to initiate purchases with a target of around $29,750.

You have already liked this post today

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