On the night of January 22, the bitcoin rate fell below $ 29 thousand. The fall per day reached 13% – a record value since March. Then the price of the cryptocurrency partially recovered. At 16:30 Moscow time, bitcoin, according to coinmarketcap.com, costs $ 31.9 thousand, writes RBC Crypto.
Bitcoin has been depreciating since January 8. Then the first cryptocurrency set a new historical maximum of $ 42 thousand. After that, the price of the coin began to fall and by now has dropped by almost 25%.
The bitcoin rate can fall much more, warned the CEO of Xena Financial Systems Anton Kravchenko. According to him, the growth that has happened in recent months was “manic”, you should think about buying an asset only if it drops to at least $ 15 thousand.
Currency.com financial analyst Mikhail Karkhalev agreed that the market is now in the stage of correction. The price of bitcoin may fall to $ 28 thousand, and then to $ 24 thousand. The decline may end in the area of these levels, near which investors will buy cryptocurrency, the expert suggested. It is impossible to exclude a decline to $ 20 thousand, but from this level the BTC rate “will quickly fly up”, he predicts.
“The main thing now is not to panic, but to calmly wait out the correction,” added Karkhalev.
The forecast for 2021 remains positive due to the arrival of institutional investors on the cryptocurrency market, but with their appearance the market itself will change, he notes – there will not be such unrestrained and rapid growth as before, it will become phased.
EXANTE analyst Viktor Argonov suggested that the bitcoin rate is unlikely to fall below the low of $ 29 thousand, to which it fell that night. The main factors still speak in favor of the upward movement. Among them, the expert named the intentions of the new US President Joe Biden to accept a new large package of assistance to the economy.
Argonov added that the correction in the market could have been triggered by the recent rise in the price of Ethereum. On January 19, it rose to a new all-time high above $ 1.4 thousand. Last night, the altcoin rate dropped to $ 1.05 thousand. It is possible that soon he will attempt to renew the record, which will help the rise in price of bitcoin, the analyst admitted. By 15:00 Moscow time, ETH is worth $ 1.2 thousand.
Meanwhile, Western experts warn about the possible continuation of the decline in the bitcoin rate. Analyst of the Amsterdam Stock Exchange Michael van de Poppe predicted a drop in the price of cryptocurrency to $ 24-26 thousand, noting that such a scenario is possible within a few weeks. A bluer correction was predicted by Scott Meinerd, investment director of Guggenheim Partners, and analyst Ayash Jindal – up to $ 20 thousand.
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