BTC/USD forecast. The price of bitcoin has decreased
On Friday, the price of bitcoin declined amid the continued strengthening of the dollar, supported by expectations of an earlier increase in the Fed’s interest rate after the publication of inflation data on Wednesday. The rate of inflation in the US is a record for the last 30 years, which may lead to an earlier tightening of monetary policy.
Adam Aron, CEO of AMC Theaters, announced on Twitter that the cinema chain now accepts bitcoins as a means of payment online. In August 2021, Adam Aron promised that the company, which operates almost 1,000 cinemas around the world, will accept bitcoins to pay for tickets ordered online.
The popular stock-to-flow model has so far predicted the price of bitcoin fairly accurately.
According to this model, the average price of bitcoin in the middle of the cycle should be about 100 thousand dollars. The cycle is the period of time between halvings. The next halving took place in May 2020, and the next one will take place in May 2024. The author of the PlanB model predicts that the price of the main cryptocurrency will reach 100 thousand dollars by the end of this year.
Billionaire Kenneth Griffin, who is the CEO of the American hedge fund Citadel, believes that the cryptocurrency of the Ethereum network will replace bitcoin as the main cryptocurrency. He noted that Ethereum-based cryptocurrencies have advantages such as higher transaction speeds and lower transaction costs.
According to technical analysis, a breakdown of the support level of 62450 will open the way to 60000. In case of a return above 65650, an increase to 67000 is likely.