Yesterday, February 8, bitcoin went up in price by 14% in an hour, and today it updated its historical maximum value above $ 48 thousand. Following the first cryptocurrency, altcoins also began to grow – Ethereum for the first time crossed the $ 1.8 thousand mark, and the Binance Coin token rate approached $ 100. The sharp growth of the market was provoked by the news that in January Tesla acquired bitcoins for $ 1.5 billion. The company also plans to start accepting cryptocurrency for payment, writes RBC Crypto.
“I recommend taking profit”
Now on the crypto market, the FOMO scenario (fear of lost profits) is coming to the fore, and in the first quarter it can be fully realized, believes Viktor Pershikov, lead analyst at 8848 Invest. He predicts that Ethereum will rise to $ 2,000, bitcoin to $ 50,000, and BNB over $ 100.
“This will be an impulsive rise in the price, which will be quickly eaten away by the price correction. The assets are already quite expensive, and in the current market conditions the purchases look like an attempt to catch up with the departing train, which is fraught with losses, “Pershikov warned.
He recommended taking profits and choosing assets that have not yet shown great growth. In the second quarter, against the background of projected price consolidation, the expert advised to pay attention to undervalued assets such as EOS, NEO, TRX and OMG. Litecoin can also show a certain growth – it has chances to gain a foothold up to $ 200 from the current $ 167, Pershikov believes.
“Correction provided to bitcoin”
Overheating of bitcoin and its probable imminent fall is guaranteed to lead to the collapse of other cryptocurrencies, including Ethereum and BNB, says Vladislav Bulochnikov, founder of the Chatex p2p cryptocurrency platform. Alexey Markov, a leading trader at United Traders, also pointed to the disconnection from the reality of current prices.
“The rollback will be fast and large-scale,” Markov warned.
Artem Deev, head of the analytical department of AMarkets, also announced the possibility of an early start of correction. He also called bitcoin overheated and added that the situation in 2017-2018 could repeat itself, when, after a long period of growth, the rate of the first cryptocurrency fell several times.
“After the decline, a cycle of upward dynamics will begin, and it is likely to last longer – about two years. And during this period, the coin can grow much higher than the current mark. Bitcoin can overcome $ 100 thousand by 2024, ”Deev predicted.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
