Rise Or Fall? What To Expect From Bitcoin?

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On the morning of April 5, bitcoin quotes dropped to $ 56.7 thousand, after which they began to grow. In the afternoon, the cost of the cryptocurrency exceeded $ 58 thousand. As of 18:10 Moscow time, the cost of the coin on the Binance exchange is $ 58.7 thousand, over the past day it has grown by 1.6%, writes RBC Crypto.

Experts have revealed two scenarios according to which the price of an asset may move in the future.

“Growth will continue”

Further growth of the cryptocurrency market is quite likely, with bitcoin and ether being the leaders, says Artem Deev, head of the analytical department at AMarkets. According to him, the news background provides an increasing inflow of funds into coins, so the growth of bitcoin again to the level of $ 60 thousand, ether – above $ 2.1 thousand – will be expected. The expert listed the news and events that support the growth of the crypto market:

Morgan Stanley will open access to Bitcoin for its institutional funds
Goldman Sachs clients will be able to invest in cryptocurrencies
Coinbase will be listed on NASDAQ on April 14

The quotes were repeatedly supported by the tweets of billionaire Elon Musk, recently Visa and PayPal announced their interest in cryptocurrency. All these factors, in general, provide a positive background for the digital asset market, due to which the growth of cryptocurrencies will continue, Deev said.

“The asset is clearly overvalued”

After the US agreed on the $ 2 trillion plan of President John Biden for the development of infrastructure, it is likely, as it was before, a significant part of this money will go to the financial markets, said Michael Ross-Johnson, CEO of the cryptocurrency p2p platform Chatex. He expects that in the coming days the bitcoin rate may rise above $ 60 thousand. However, the expert warns of the likelihood of a sharp correction, since the asset is overvalued.

 

“Perhaps bitcoin will go to $ 40-42 thousand or below. The reason for this decline may be the exit of institutional investors from the asset, since now, when the stock markets are growing, investors are reviewing their portfolios and looking for additional tools to make a profit, ”warned Ross-Johnson.

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