Bitcoin has shown positive dynamics in the last week – its rate on the largest crypto exchange Binance since January 27 has grown from $ 32.4 thousand to 36.8 thousand at a maximum on February 3. By 15:30 Moscow time, the first cryptocurrency is trading at $ 36.2 thousand per coin, writes RBC Crypto.
Among the factors that influenced the growth of cryptocurrency in recent days is the Elon Musk factor. The billionaire, whose Twitter posts often affect the quotes of a particular asset, added the hashtag #bitcoin to his account description, after which the bitcoin rate on January 29 for the first time in 10 days exceeded $ 37 thousand, adding almost 20% per day.
Crypto market experts told what to expect from Bitcoin in the near future.
Support levels
Now the bitcoin rate has formed a “support level” in the region of $ 29 thousand per coin – in January, with a decline in the rate, this level “withstood” four times, says Ivan Petukhovsky, co-founder of the EXMO exchange. If this level is “broken”, a sharp drop in the value of the asset to $ 24 thousand is possible, the expert says.
Above, the milestone level for the coin is still the historical maximum of $ 42,000, reached on January 8. If it is overcome, quotations will quickly rise to $ 45,000, predicts Petukhovsky.
“Hard” factor
The only “solid” factor that can be relied on in forecasts for bitcoin is the behavior of financial regulators, says Nikolai Klenov, financial analyst at the investment management company Raison Asset Management. One of the latest news from this area is that the Indian parliament is about to consider a law banning all private cryptocurrencies in the country and create a legislative framework for its official central bank digital currency. While this is an implicit threat, but such news will undoubtedly affect the bitcoin rate, Klenov emphasized.
The capitalization of bitcoin is relatively small, so the asset is subject to manipulation: it is quite easy for large players to “swing” its rate in one direction or another, the analyst added. According to him, the demand for the coin is now multidirectional. On the one hand, many investors take profits and close positions, on the other hand, more and more institutions are entering Bitcoin.
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