REDATOR Ben Graham Posted yesterday at 07:44 REDATOR Report Share Posted yesterday at 07:44 While the crypto market is going through a bearish trend, Bitwise says Bitcoin is currently in its adolescent phase of development. "This means we cannot expect it to reach the instant maturity of assets like gold. Its path to becoming a full?fledged store of value is a process that takes time and passes through several stages," the company's report notes. Regarding the market's evolution, the firm is confident that in 2009, when Bitcoin first appeared, it was essentially newborn — a pure speculative instrument. It has evolved since that time, and now it is in a transitional period that can be described as adolescence. This stage may seem awkward and unstable, but it is absolutely necessary for further development. "In the future, when Bitcoin takes its place on central banks' balance sheets and becomes as familiar and reliable an asset as gold, the speculative component that defines it today will most likely fade," Bitwise says. However, before reaching that point of maturity, Bitcoin must go through many intermediate stages. As for the current crypto market pullback, the firm believes the market is in this awkward moment where Bitcoin is not yet fully mature but has outgrown pure speculation. "This adolescent phase is an integral part of its evolution. Either you believe a digital store of value is impossible in principle, or you must accept that Bitcoin is right now going through this necessary stage of development." Trading recommendations Bitcoin Buyers are currently targeting a return to $64,400, which would open a direct path to $66,300 and then $68,900. The most distant upside target is the high near $70,600; a break above that would signal attempts to return to a bull market. On a drop, buyers are expected at $62,600. A move back below that area could quickly push BTC toward $61,100, with a furthest downside target around $59,600. Ethereum A clear close above $1,869 would open the way to $1,936. The most distant upside target is the high near $1,998; a break above that would indicate strengthening bullish sentiment and renewed buyer interest. On a drop, buyers are expected at $1,803. A move below that area could quickly send ETH toward $1,724, with a furthest downside target around $1,645. What's on the chart The red lines represent support and resistance levels, where price is expected to either pause or react sharply. The green line shows the 50-day moving average. The blue line is the 100-day moving average. The lime line is the 200-day moving average. Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market. The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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