The price of the first cryptocurrency fell to $ 59.5 thousand after updating the historical maximum above $ 67 thousand. Will the main digital asset continue to grow in the coming days or should we expect a protracted correction
This week, bitcoin managed to update its historical maximum above $ 67 thousand. After that, the quotes went down. The price of the first cryptocurrency fell to a local minimum of $ 59.5 thousand. At 10:50 Moscow time on October 24, Bitcoin is trading at $ 60.7 thousand, and its capitalization is $ 1.15 trillion, according to CoinGecko. Topplabs.org experts have explained if Bitcoin will continue to rise in the coming days.
Bitcoin managed to reach a new high amid the launch of the first Bitcoin ETF in the United States, says Gleb Kostarev, director of Binance in Eastern Europe. According to him, after the impressive growth of quotations on the crypto market, there is a slight correction. This may indicate that some of the investors are fixing profits, the expert noted.
If the positive external background of bitcoin persists, the entire market will continue to grow in the near future, Kostarev is sure. He also added that the digital asset market is highly correlated with the stock market, which is actively growing.
In the next two to three weeks, bitcoin will be in the accumulation phase, predicted Nikita Zuborev, senior analyst at Bestchange.ru. In his opinion, during this period, the price of the first cryptocurrency may return to the range of $ 63-66 thousand. One should not expect active growth from altcoins during this period, since they will repeat the dynamics of bitcoin, the analyst said.
“The onset of a short-term“ altseason ”is possible only if the bitcoin correction intensifies and will be longer in time. But this should not be expected before the end of 2021 or the beginning of 2022, "Zuborev added.
At the moment, the price of bitcoin is attracted to the viscous zone in the region of $ 57.5-60 thousand, which previously acted as a powerful resistance, explained Andrey Podolyan, CEO of the Cryptorg platform. According to him, testing of this level from the reverse side will be a logical development of events.
“In the viscous zone, bitcoin will find support, thanks to which it will be able to reach the renewal of the historical maximum in the region of $ 70 thousand,” Podolyan predicted.