Experts explained whether the first cryptocurrency will be able to recover to $ 67K next week and what could prevent the coin from updating its all-time high
This week, the price of bitcoin fell to a local minimum since mid-October at $ 57.8 thousand. At 10:55 Moscow time on October 31, the first cryptocurrency is trading at $ 61.3 thousand. Experts topplabs.org explained whether the decline in quotations will continue in the coming days.
Bitcoin is now in a slight sideways movement, which will continue for the next few days, said Sergey Zhdanov, CEO of the EXMO crypto exchange. According to him, after that, bitcoin is able to return to growth and test the historical maximum in the region of $ 67 thousand. After that, a breakdown will occur, thanks to which the price of the first cryptocurrency will be able to reach $ 72 thousand, the expert noted. In his opinion, the next target after such an increase will be $ 85 thousand.
“If the first level meets resistance and corrects downward, then we can consider buying in the region of $ 50-52 thousand,” Zhdanov said.
The most likely scenario for the next week is the continuation of accumulation, says Nikita Zuborev, senior analyst at Bestchange.ru. He predicted that the accumulation period would end after the first cryptocurrency confidently consolidated above $ 60K.
“If the situation develops according to a positive scenario, by the middle of the month, bitcoin will overcome the $ 70-75 thousand mark and begin to consolidate around these levels with the prospect of further growth,” Zuborev is sure.
In the most negative scenario, bitcoin can break through the support level in the region of $ 58 thousand and fall to $ 54-55 thousand, the analyst admitted. He added that in this case, sufficient interest from investors will help win back the entire fall and Bitcoin will continue the global bullish trend.
There will be no fall
In the near future, one should not expect a drop in the price of bitcoin below $ 60 thousand, says Mikhail Karkhalev, financial analyst at Currency.com crypto exchange. In his opinion, the cryptocurrency is kept at this level by a strong support level. Bitcoin will continue to recover to $ 67,000 next week, the analyst predicted.
“However, do not forget about the meeting of the US Federal Reserve, which will be held on November 3. Nothing unexpected should happen there, but financial markets love to surprise. It is likely that the November meeting will set the tone for risky assets until spring, ”Karkhalev warned.