Yesterday, January 11, the cryptocurrency market experienced a sharp drop – the price of bitcoin dropped by almost $ 10 thousand – to $ 30.4 thousand, the Ethereum rate – to $ 915. Then the quotes began to grow, bitcoin rose in price by $ 6 thousand, above $ 36.3 thousand, the price of ether reached $ 1.15 thousand, writes RBC Crypto.
In the near future, market volatility will decrease, and bitcoin will start trading in the range of $ 30-37 thousand, says Nikolay Klenov, financial analyst at Raison Asset Management investment company. What is happening with cryptocurrency quotes, he called the expected correction after growth of more than 100% in a month.
“The market needs to“ digest ”such a rise in bitcoin. I expect that in the future the value of the first cryptocurrency will go up, but the growth of quotations will be smoother, ”Klenov said.
Private trader Alexander Boyarintsev also recalled that usually a sharp rise in quotations ends with a fall, which was observed on January 11. The expert believes that under the conditions of buying the first cryptocurrency for less than $ 30 thousand, the moment is good to sell a fifth of the investments and fix a profit.
“With the withdrawn profit, you can buy silver, this will help reduce risks and rebalance the portfolio. Don’t go headlong, now is not the best time to buy bitcoin. Wait for the market correction and reversal. In my opinion, in the near future, the price of the cryptocurrency may drop to $ 30-26 thousand, “Boyarintsev explained.
Nikita Zuborev, senior analyst at Bestchange.ru, added that there are no serious fundamental prerequisites for a fall in the bitcoin rate today. Over the past month, BTC has doubled in price, while the relative strength index in the derivatives market has risen to extreme values, and miners are starting to take profits. All this indicates the local overvaluation of bitcoin and the suspension of price growth, the expert believes.
“In the short-term planning, everything indicates that the current correction may push the price below $ 30K, but the general market sentiment remains extremely positive, many analysts and enthusiasts expect six-digit values by the middle or end of the year. Fundamental news is also driving the price of cryptocurrencies higher. This correction will not last, and the situation will return to normal in the near future. The restoration of previous values and the establishment of new price records may take place as early as late January or early February, ”Zuborev predicted.