The price of the first cryptocurrency for the first time in a month fell to $ 55.6 thousand. Will the value of the asset continue to decline or will it be able to return to growth?
This week, the bitcoin rate for the first time since mid-October fell to $ 55.6 thousand. At 10:50 Moscow time on November 21, the first cryptocurrency is trading at $ 59 thousand, and its capitalization is $ 1.11 trillion. Topplabs.org experts predicted whether the asset price will continue to decline in the coming days.
The price of bitcoin will not fall below $ 55.6 thousand, since the market is experiencing a local correction rather than a global one, says Maria Stankevich, Development Director of the EXMO crypto exchange. According to her, long-term holders of bitcoin do not get rid of the asset, but continue to accumulate cryptocurrency. The expert recalled the statistics of the analytical service Glassnode, according to which long-term Bitcoin holders sold about 0.7% of their reserves over the past month.
In the near future, bitcoin will gain a foothold above the $ 60 thousand level and continue to recover, Stankevich is sure. According to her forecast, after the recovery, the cryptocurrency will rush to a new all-time high.
Bitcoin in the near future will recover to the $ 60 thousand mark, predicted Mikhail Karkhalev, financial analyst at Currency.com crypto exchange. In his opinion, the asset has already adjusted enough to return to growth.
“The outflow of bitcoins from the exchanges continues, during the last decline, the whales were very actively buying up market supply. As a matter of fact, further growth is expected against this background, ”Karkhalev noted.
Bears will prevail
Next week, one should not expect drastic changes in the crypto market, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. In his opinion, Bitcoin in the coming days will continue to fluctuate below $ 60 thousand, periodically trying to overcome this mark. The asset is unlikely to be able to gain a foothold above $ 60 thousand, since the market will be dominated by "bears", the expert explained.
“The general trend remains positive. Until the end of the year, bitcoin has every chance of both surpassing the $ 60 thousand mark and updating the historical maximum. My forecast for the year remains the same: $ 80,000 per coin, "Soshnikov added.