Despite the passage of several weeks, the bitcoin cryptocurrency has established itself below the Fibonacci level of 127.2%, or $ 18,500, and has yet to attempt to rise above this level. This only serves to demonstrate that there are still no market bulls. Furthermore, since there are no bulls, there is currently no chance for bitcoin to grow. Naturally, it won't remain stationary; there will be localized periods of growth or decline. Overall, everything is proceeding as planned: a collapse, several weeks or months of stagnation, and another collapse. Furthermore, the fundamental environment is unfavorable to growth and could get much worse soon.

The first thing to remember is that there will be new meetings of the ECB, Fed, and Bank of England in December. The Fed is typically given more attention by the market, but keep in mind that all three central banks are still tightening their monetary policies, which is bad for all risky assets and bitcoin. Additionally, Jerome Powell recently stated that the Fed rate might rise further than the regulator anticipated in September and stay at its peak level for much longer than initially anticipated. So, monetary policy may become stricter and last longer in the near future. This is bad news for bitcoin. As we can see, the global economic landscape does not support the expansion of the first cryptocurrency.

Additionally, it is important to remember that the FTX exchange's demise is the first and last to occur in the cryptocurrency sector. As we've stated numerous times, the longer the bitcoin price stays below the cost of production rather than just at the "bottom," the more likely it will continue to decline. Mining companies will cut production volumes. Many cryptocurrency businesses will lay off employees. Incomes are declining, and loans still need to be repaid. Investments are declining, and as a result, the market as a whole could implode. How could I forget that bitcoin has no intrinsic value? It is merely some code that serves no functional purpose. Bitcoin (in theory) has a very good chance of going to zero if a company's shares cannot. In general, we continue to be pessimistic about the future of cryptocurrencies. The cryptocurrency may begin a new "bullish" trend in a year or two, but it is unlikely to happen soon.

The "bitcoin" quotes finally made a successful attempt to surpass the level of $ 18,500 for a 24-hour period. Now that we have a target in mind of $12,426, the fall may continue. As we previously stated, since the price was concurrently in a side channel, crossing the downward trend line does not signify the end of the "bearish" trend. The quotes may drop further as the lower channel limit has been reached.