The fundamental background for the entire cryptocurrency market remains extremely negative in the last two months. Many experts and analysts believe that Bitcoin may drop to $19,000 - $24,000 levels in the short term. However, there are other opinions as well. For example, one of the world's most famous crypto investors and billionaire Tyler Winklevoss, who is also the head of the Gemini cryptocurrency exchange, considers bitcoin "gold 2.0" and predicts it will grow to $500,000 in the next 5 years. This forecast at least has a time frame, unlike all other forecasts, where their authors simply said that "Bitcoin will rise in price to [any value]." Tyler Winklevoss also answered the question why he and his brother don't sell their bitcoins: "We still think it's really early," he said. "We think bitcoin is gold 2.0. It will disrupt gold so its market cap has to be $10 trillion or more, because that's the market cap of gold." The head of Gemini also noted that the current levels of value of bitcoin are good for new investments. "At a $10 trillion market cap we think one bitcoin will be worth $500,000 and we think that could happen inside this decade ... We're HODLers until at least $500,000." said one of the crypto billionaire brothers.
Meanwhile, the management company Ruffer Investment announced that it sold its bitcoin coins. The company believes that the "speculative frenzy" began and explained its decision by this process. Duncan MacInnes, investment director of the company, believes that it is better to observe the process from the outside than "from the trenches." Earlier it was reported that the company earned about 1.1 billion dollars on investments in bitcoin, which it made in 2020, having invested 600 million. Recall also that Tesla began to sell its bitcoin coins, which provoked a fall in the rate of the first cryptocurrency. According to some rumors, Tesla continued to sell bitcoin after the release of the financial report for the first quarter. However, this will become known for certain only after the release of the report for the second quarter. Thus, it cannot be concluded that large institutional investors have again massively started buying the main cryptocurrency.
Technically, bitcoin quotes moved away from the $30,500 level on the 4-hour timeframe, but at the moment, they rested on the Ichimoku cloud. Thus, given the "swing-like" movement of recent weeks, it can be assumed that Bitcoin will resume its fall in the near future. From our point of view, the fundamental background has not improved enough to speak of growth to $40,000 or $42,000. The target of a possible fall is the level of $30,500.