Does Bitcoin still have the strength to grow further?

Get real time updates directly on you device, subscribe now.

On the night of October 16, the price of bitcoin exceeded $ 62.9 thousand for the first time in six months. The last time the asset traded at this level was in mid-April, when its value renewed its historical maximum at around $ 64.8 thousand. Experts of RBC-Crypto predicted whether the first cryptocurrency would be able to update its historical maximum in the near future, or a correction would take place in the market.

Volatility and increased volumes

In the near future, bitcoin has the potential to update its all-time high without significant corrections, says Viktor Pershikov, lead analyst at 8848 Invest. In his opinion, volatile trading at increased volumes will take place at the level of $ 65 thousand, since many retail market participants will open long positions. Against this background, the price of bitcoin can quickly reach $ 70 thousand, the analyst is sure.

The growth of the first cryptocurrency after the renewal of the historical maximum will be limited by fixing the positions of institutional investors who prefer to exit the asset against the backdrop of the emergence of new liquidity, Pershikov explained.

“It is obvious that the whales will not leave the longs completely, but the purchases will be partially fixed, which will cause a price correction,” the analyst added.

Panic shopping wave

Bitcoin has accumulated enough strength to leap to $ 70 thousand, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. According to him, the price of the first cryptocurrency will not take the $ 65 thousand level the first time, since usually hundreds of thousands of buy and sell orders are placed around such significant marks. By November, you can expect attempts to gain a foothold above $ 70 thousand, and by Christmas, Bitcoin has every chance of exceeding $ 80 thousand, the expert is sure.

If bitcoin manages to update its historical maximum above $ 65 thousand and stay above this level, then there is a high probability of “panic buy” – a panic wave of purchases, as a result of which the asset rate could rise by tens of percent per day, Soshnikov predicted. He also warned that usually after such a growth, the value of an asset falls, so you need to try to “ride” these movements with great care.

“If such a wave of growth sweeps over, then by the beginning of December we may see bitcoin at $ 100 thousand, but it will hardly be able to stay at this mark. My forecast remains unchanged – Bitcoin will meet near $ 80 thousand in 2022, “Soshnikov summed up.

$ 100k and correction

All market participants expect bitcoin to update its all-time high, explained Anton Kravchenko, CEO of Xena Financial Systems. In his opinion, the mark of $ 65 thousand is a good moment to buy, because after updating the historical maximum, bitcoin will quickly reach $ 73 thousand.If this scenario is realized, then bitcoin will have the opportunity to reach $ 100 thousand, Kravchenko is sure. He warned that after the rise to $ 100K, there will be a big correction in the crypto market.

Stay in touch! Subscribe to World Stock Market in Telegram.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.