Bitcoin has been consolidating above the round level of $20,000 all week. However, the decline is not over yet, experts believe. The publication of the Chinese Communist Party sends BTC to zero at all. Bitcoin rose by 4.7% on Thursday, ending the day around $20,800. The total capitalization of the crypto market, according to CoinGecko, increased by 4.7% in a day, to $0.96 trillion. Cryptocurrency index of fear and greed by Friday did not change for the second day in a row, remaining at the level of 11 points (“extreme fear”). Bitcoin on Thursday won back the decline of the previous day against the backdrop of rising US stock indices. Since the beginning of the week, BTC has been trying to stay above the round level of $20,000, periodically breaking through it and then rolling back higher. Ian Harnett, co-founder of Absolute Strategy Research, has suggested that Bitcoin will crash to $13,000 this year, as it is characterized by an 80% drop from its all-time highs. In 2013 and 2017, BTC fell by 85% and 84%, according to Arcane Research. With history repeating itself, bitcoin’s downside potential remains at $10,350. China’s Economic Daily warned local investors that in the future, when market confidence collapses or when sovereign countries declare BTC illegal, it will return to its original value, which is zero. Binance CEO Changpeng Zhao believes that after the current collapse, Bitcoin will be able to exceed the previous maximum of $69,000 no earlier than 2024. The crypto winter could last until the next bitcoin halving in 2024, according to the Dvision Network. According to KPMG, there is significant interest from institutional investors in asset tokenization, NFTs, and the metaverse. Citibank is partnering with Switzerland-based METACO to launch a custody service for cryptocurrencies amid the growing digitalization of traditional investment assets. Well-known investor Mark Mobius called bitcoin a leading indicator of stock market sentiment. In his opinion, now is the time to buy stocks, as Bitcoin investors are still talking about buying it on the fall. Source: FXPro

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