Experts explained why one should not perceive $ 50 thousand as a potentially strong zone that can complete the correction and provoke a rise in the price of the first cryptocurrency
Crypto analyst Benjamin Cowen predicted that the value of bitcoin will no longer fall below the $ 50 thousand mark. According to Cowan, as part of the current correction, the first cryptocurrency will not fall in price by more than 25% from the all-time high of $ 69 thousand, set on November 10. Topplabs.org experts evaluated the analyst's forecast and explained why the level of $ 50 thousand will not be able to prevent a possible further decline in the first cryptocurrency.
Significance overrated
The level of $ 50 thousand in itself is not significant, says Viktor Pershikov, a leading analyst at 8848 Invest. In his opinion, if the crypto market plunges into a deeper correction, the $ 44K and $ 29K levels will be of much greater importance. The analyst also added that the maximum bitcoin price for the comfortable work of miners is well below $ 50 thousand.
"A fall below this mark will not do much harm to the industry, which is more influencing the price of bitcoin," said Pershikov.
The analyst advised not to focus on the $ 50,000 level, since it does not play a big role either technically or fundamentally. The main scenario in the coming weeks is the accumulation of volumes with a subsequent approach to the renewal of the historical maximum, Pershikov is sure. In the event of a further decrease in quotations, the level of $ 50 thousand will not stop the fall in the value of the asset, the analyst added.
Clear and obvious upward movement
An important mark for bitcoin in the current situation is the level of $ 47 thousand, says the co-founder of Crypterium Vladimir Gorbunov. According to him, while the price of the cryptocurrency has not reached this mark, the market is in an upward trend. At the moment, Bitcoin is in a sideways movement, since the bulk of investors are now not ready to buy or sell an asset, Gorbunov explained.
“The graph since the beginning of the year shows that there is a very clear and obvious upward movement. Bitcoin will definitely update its historical maximum, ”the expert added.
A 50% reduction is possible
Bitcoin will probably no longer decline 85% from its maximum, says Anton Kravchenko, CEO of Xena Financial Systems. In his opinion, despite the “maturing” of the market, a 50% decrease ($ 34.5 thousand) from the maximum remains possible. A potentially "reliable" level for bitcoin is the $ 30,000 mark, the expert explained. If bitcoin falls to $ 30,000, its value will return to growth as institutional investors collect long-term long positions, Kravchenko said.