The price of the first cryptocurrency approached the all-time high of $ 64.8 thousand, which was set in April. Experts explained what is happening on the market and gave a forecast for the movement of quotations
On October 20, the price of bitcoin reached a peak since mid-April at around $ 64.5 thousand. During the day, the first cryptocurrency rose in price by 3%, and its capitalization increased to $ 1.2 trillion, according to CoinGecko. The cost of bitcoin approached the all-time high of $ 64.8 thousand, which was set in mid-April. Topplabs.org experts predicted further price movements and explained why Bitcoin looks strong at the moment.
The fact that the bitcoin rate confidently turned around when it reached the level of $ 40 thousand at the end of September speaks of an extremely strong market, Anton Kravchenko, CEO of Xena Financial Systems, is sure. In his opinion, after overcoming the historical maximum at around $ 65 thousand, the first cryptocurrency will open the way to $ 78 thousand.
A situation in which bitcoin will update its historical maximum and immediately after that will go down is very unlikely, the expert said. According to him, after $ 65 thousand, many new buyers will come to the market who will start investing in bitcoin.
Third wave of growth
Now bitcoin is in the framework of the great third wave of growth, which began in the summer, when the price of the asset dropped to a minimum of $ 28.8 thousand, says Andrey Podolyan, CEO of the Cryptorg platform. He believes that the current wave of growth is close to completion and that it should be followed by a correction, and then another up market. According to the expert's forecast, by the end of the year, the cost of bitcoin may reach $ 85 thousand.
Fixing the price of bitcoin above $ 60 thousand marks the return of the bulls' leadership in the crypto market, says Nikita Soshnikov, director of the cryptocurrency exchange service Alfacash. According to him, by the end of the year, bitcoin has every chance to rise in price to $ 80 thousand.
“I see no prerequisites for a serious correction. Although cryptocurrencies have repeatedly presented surprises to the market, it is impossible to speak with confidence about growth without any hesitation, ”the expert noted.
If the first cryptocurrency manages to overcome $ 68 thousand and maintain this level for a week, emotional purchases may occur, Soshnikov explained.