The current rise in the bitcoin rate to a local maximum of $22.3 thousand is a temporary rebound, it cannot be taken as the beginning of an uptrend, says BitOK CEO Dmitry Machikhin. He pointed to general trends in financial markets, including the stock market, economic downturn and recession. RBC Crypto.
“A risky asset like bitcoin cannot rise against the trend. Therefore, temporary rebounds or speculative bull traps cannot be perceived as an uptrend,” the expert emphasized.
He predicted that bitcoin would soon return to levels below $20,000. If the situation worsens, the cryptocurrency could test the $18-16,000 zone, then $15,000 and go lower, Machikhin warned.
As of September 12, bitcoin is trading at $22.1 thousand, over the past day, the cryptocurrency has risen in price by 2.3%. Its quotes have been growing over the past five days after they dropped to $18.5 thousand on September 7. Since then, the asset has grown in price by 20%.
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