What will happen to Bitcoin in the coming days?

Over the past week, Bitcoin has fallen in price by 10%. As of May 28, 20:40 Moscow time, the price of the main cryptocurrency on the Binance crypto exchange is $ 36.1 thousand. According to CoinGecko, the capitalization of bitcoin dropped to $ 690 billion. the same period fell by 15%, writes RBC Crypto.

“There are no active movements on the market yet.”

General Director of the financial company Newcent Vladimir Smetanin

Like a week ago, there are no active movements in the market so far, and liquidity has not yet come to the market. The negative news of recent weeks has forced investors to reconsider their strategies. We still believe that in the coming days, bitcoin will be trading at the level of $ 35-43 thousand, at which it will again begin to be more actively bought. Even if bitcoin drops to $ 25 thousand, there will be a quick rebound upward, as large investors will start buying cryptocurrency.

“An excellent opportunity to open positions with a large discount”

Lead strategist at EXANTE Janis Kivkulis

The crypto market not only reacts violently to bad news, but also digests it quickly. Key levels have not been broken through, and there are already signs of active asset repurchase. Various funds and large investors have already begun to buy back the bottom, confirming their long-term confidence in the prospects of the crypto market. Musk’s tweets and new statements from the Chinese authorities, as well as hints from the United States in the context of taxation of cryptocurrencies, may have a rather short trail until real action is taken. In the very near future, cryptocurrencies may show a rebound, and it will be fundamentally important for Bitcoin to overcome $ 40 thousand and gain a foothold higher.

In the near future, it is worth continuing to actively follow the comments of the officials of the largest Central Banks and the Chinese authorities. In the meantime, market participants perceive the fall as an excellent opportunity to open positions with a large discount.

“Bullish Sentiment Will Prevail”

Head of data analysis department of CEX.IO Broker Yuri Mazur

The market, as a rule, always shows three phases of movement, which follow one after another, and then the circle repeats. Directional movement, correction and consolidation. Now, most likely, we are witnessing a stage of consolidation, so it is premature to talk about new highs and the continuation of the upward movement. The cryptomarket is greatly influenced by unexpected fundamental factors, so we note that consolidation of cryptoassets can go both downward and upward.

Everything will depend on the quality of the informational and fundamental background. From a technical point of view, for bitcoin, as well as for many altcoins, we never saw a third wave of growth. Therefore, considering the situation only from this angle, we believe that the bullish sentiment will prevail. However, if you pay attention to the foundation, the upward trend in the light of the statements of China and Elon Musk does not seem so uncontested.

The risk of a new collapse of quotations by 50-70% from the current position remains, however, the implementation of the negative scenario will only be facilitated by fundamental factors, since from a technical point of view, the participants in the crypto market remain bullish.

“There has been a clear decline”

Director of the cryptocurrency exchange service Alfacash Nikita Soshnikov

Against the backdrop of a fall in bitcoin, a panic sell-off, which was mainly attended by novice investors, and the simultaneous purchase of large batches of bitcoin by institutional institutions, liquidity on the crypto market went off scale. Daily trading volumes were record high.

Now there is a clear decline. Bitcoin failed to rebound to $ 50,000, and the most likely scenario is a sluggish bearish trend or a protracted sideways trend. If Bitcoin fails to overcome $ 40 thousand and gain a foothold above this mark, then, most likely, it will continue to fluctuate around $ 35 thousand.

I doubt that bitcoin will again fall to $ 30 thousand – its previous fall to this mark showed that many market participants had orders to buy around this price. Therefore, even if it falls, the price will rebound almost immediately. But it is unlikely that it will be possible to bounce back to $ 50 thousand in the coming weeks and even months.

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