The cost of bitcoin began to decline after the renewal of the historical maximum at around $ 50.6 thousand on the afternoon of February 16. In 2 hours, the quotes of the first cryptocurrency dropped by almost $ 2 thousand, to the level of $ 48.7 thousand, writes RBC Crypto.
Each previous overcoming of such important psychological levels as today was accompanied by a subsequent quick correction, recalled Max Krupyshev, CEO of the Coinspaid payment service. In the medium term of several months, there are risks of a fall in the rate of the first cryptocurrency to $ 30 thousand, the expert noted.
“By summer, the situation will stabilize, a collapse is possible in the fall, and closer to winter, growth will resume again,” Krupyshev suggested.
The market is not in the most stable position, but this does not mean its weakness, said Mikhail Karkhalev, financial analyst at Currency.com crypto exchange. According to him, the probable correction may start from the levels of $ 55-60 thousand, but this will be within the framework of the upward movement.
“Bitcoin will reach $ 160-170 thousand within a year and a half before the fall begins, similar to the events of 2018,” Karkhalev is sure.
Fundamental factors speak in favor of Bitcoin’s growth, Nikolay Klenov, financial analyst at Raison Asset Management, agreed. Payment systems Visa, Mastercard, PayPal, Square are interested in cryptocurrency, he recalled.
Tesla not only bought bitcoins for $ 1.5 billion, but also announced its intention to accept cryptocurrency as a means of payment. Such news creates bullish sentiment in the market, Klenov stressed.
Yuriy Mazur, head of the data analysis department of CEX.IO Broker, also drew attention to the great growth potential of bitcoin, which is supported by the high demand for cryptocurrency from large market players. He is inclined to believe that the uptrend will continue with the target level “well above” $ 50K.
“From a technical point of view, bitcoin is showing a steady growth trend against the backdrop of moderate volatility for it, after explosive growth on February 8-9, which was the result of the purchase of bitcoin by Tesla,” Mazur explained.
The corporate segment invests large capital in bitcoin, which means that these investments are long-term, such players are not characterized by speculative actions, the expert emphasized. He called the scenario with the first cryptocurrency rate correction by 50% unlikely.
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