Bitcoin may recover to 37,000$ or higher

Bitcoin has persevered. Like Baron Munchausen, who pulled himself out of the swamp by his hair, it returned above the psychological threshold of $30,000. Serious liquidations again ($1.2 billion according to Bybit), bitcoin exchanges crashes. Looks like a meaningful low. Thanks to this turn of events, there is still a possible scenario of a smooth recovery to $37,000, or maybe higher. But it is not within the framework of the triangle, but it is rather flat, which does not change the essence. It is the same correction model, which in the future will change into a new downward impulse with updating of the May lows, which were already updated on June 22.

Yes, Tuesday went into negative territory from the beginning of the year. If flat, there is only wave B, wave C might last till the second decade of July and that will be a super volatile time again - joy for speculators and some reassurance for investors, who can convince themselves again that the correction will be limited to the current 50%+.

Unfortunately, it is not yet possible to talk about this. The consequences of the actions of the Chinese authorities may be felt further. On the OTC-platforms RMB to USDT rate reflected the panic sentiments of local traders, miners can continue to press the rate when they can wait for more acceptable levels for sales - funds will be needed for relocation to Kazakhstan, Canada or the United States (instead of Sichuan hydroelectric power plant can be nuclear power in Florida or oil rigs in Texas). But it is necessary to consider the possibility of passing the baton to the American authorities. U.S. Treasury nominee for AML/CFT Brian Nelson said he would make regulation of the cryptocurrency market a priority. Expect this spiral to continue unraveling.

Investors are also waiting for him. The futures market has once again gone into backwardation, funding rates have turned negative, and the volume of open positions has declined. A recent JPMorgan survey showed that 81% respondents expect a tightening of the "rules of the game" in the industry, although only half expressed a negative opinion against bitcoin. Michael Novogratz, head of Galaxy Digital, said at a forum in Qatar that none of his clients have sold the first cryptocurrency, and he himself because of the depreciation of fiat currencies still believes in it more than in gold. If he's sincere, his comments are worthwhile. Galaxy Digital recently became a market maker in the digital asset market for Goldman Sachs. In other words, we are left to wait. You can be like CNBC host Jim Cramer down to $10,000, you can be like Guggenheim CIO Scott Minerd down to $20,000. But it's better to be guided by the situation as it unfolds. Until $30,000 is broken through, it is better to look up and count on a return to $37,000.