Relevance up to 02:00 2022-07-26 UTC–4
Crypto Industry News:
A study by the Boston Consulting Group, Bitget and Foresight Ventures revealed that digital asset adoption is still in its early stages. If the trend continues, however, the total number of cryptocurrency users should reach 1 billion by 2030, the entities said.
According to the data, cryptocurrency adoption is still at the baseline as only 0.3% of total individual wealth is distributed across the asset class. By comparison, 25% of human resources are spent on stocks, such as stocks of private companies.
US citizens are most likely to invest large sums in digital assets, while African residents are on the opposite side. On average, one investor from the African continent owns a crypto worth around $ 190.
Despite the low adoption rate and the recent downturn in the market, BSG, Bitget and Foresight Ventures expect a wave of new users to join the world of digital assets in the coming years. Comparing the asset class to the development of the internet in the 1990s, it is estimated that by 2030 the number of cryptocurrency users will reach 1 billion.
Technical Market Outlook:
The reversal from the level of $24,264 is in progress, so Bitcoin can see lower levels soon. The level of $21,867 will now act as a technical support for bulls, however, in a case of strong bounce, the next target is seen at the level of $25,367. Please notice, this is the game changing level, but for a valid breakout, the daily candle must close above this level.The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.
Weekly Pivot Points:
WR3 – $24,104
WR2 – $23,098
WR1 – $22,477
Weekly Pivot – $22,091
WS1 – $21,470
WS2 – $21,085
WS3 – $20,078
The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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