"Bitcoin is not at its peak." What is happening with cryptocurrency now

Experts explained why the price of the main digital asset declined after the renewal of the historical high and whether it will be able to return to growth in the near future Last week, bitcoin …

Experts explained why the price of the main digital asset declined after the renewal of the historical high and whether it will be able to return to growth in the near future

Last week, bitcoin updated its all-time high above $ 67 thousand. After that, the price of the cryptocurrency dropped to $ 59.5 thousand. At 14:00 Moscow time on October 25, the asset is trading at $ 62.8 thousand, and its capitalization is $ 1.18 trillion. Topplabs.org experts explained what is happening in the market now and whether Bitcoin will return to growth in the near future.

Standard growth model

The current market situation is a standard growth model in a bullish trend, says lead analyst at 8848 Invest Viktor Pershikov. According to him, a local correction is now being observed on the crypto market. Investors continue to buy the asset at a low price, the analyst noted. According to his forecast, in the near future, bitcoin will continue to grow with targets in the region of $ 68-69 thousand.

Bitcoin can be bought at the current price of $ 62.8 thousand, Pershikov said. However, if an asset is purchased, it is necessary to exit it by the end of this year, since there is a high probability of a correction at the beginning of 2022, the analyst says.

Another attempt

Formally, bitcoin has updated its historical maximum, but this does not mean that the asset managed to overcome the key level, explained Anton Kravchenko, CEO of Xena Financial Systems. In his opinion, the bitcoin rate has slightly rolled back and in the near future will make another attempt to overcome the resistance range, and if successful, it will move to a sharp rise.

“The likelihood of a decline is insignificant, because the price may try to take this level several times before moving to a decline, and most likely bitcoin will overcome this level, since the market looks strong,” added Kravchenko.

From the point of view of long-term investments, the decrease in bitcoin to $ 59.5 thousand is a good opportunity to buy an asset with the prospect of growth in the future, noted Mikhail Karkhalev, financial analyst at the Currency.com crypto exchange.

“Within the framework of speculative investments, the opportunity to buy was also good. Bitcoin is not at its peak right now, I would say that it is probably somewhere in the middle, but everything can change at any minute, "Karkhalev warned.

Leave a Comment