The rate of the first cryptocurrency again dropped below $ 60 thousand. Experts predicted whether the asset will be able to set a new historical maximum by the end of this year
Last weekend, the price of bitcoin reached $ 60 thousand.On the night of November 22, the value of the asset decreased by $ 3 thousand.At 14:40, the first cryptocurrency is trading at $ 57.4 thousand. Experts explained what to expect from the digital asset market in the near future and whether Bitcoin will be able to set a new all-time high before the end of this year.
Another wave of decline is possible
At the moment, bitcoin is in a sideways movement, according to leading analyst at 8848 Invest Viktor Pershikov. In his opinion, this movement may drag on until the end of this month. Until the end of the year, the cryptocurrency will move in an upward trend, however, another decline to the level of $ 54-55 thousand is possible, the analyst predicted.
Now the pressure on the bitcoin rate is exerted by "whales" who have been fixing profits for the past few weeks, Pershikov explained. Retail investors prefer to buy back the asset, which indicates positive market sentiment.
“Despite the pressure from large participants, I do not expect a landslide fall in prices and I believe that a correction that is normal for an uptrend is developing. Until the end of the year, I expect another wave of BTC growth, ”the analyst says.
According to Pershikov's forecast, bitcoin has the potential to set a new all-time high above $ 75,000 by the end of this year.The first cryptocurrency renewed its all-time high on November 10 at $ 69,000.
The potential is exhausted
Under the current conditions, bitcoin needs new factors to continue its growth, explained the head of the analytical department at AMarkets Artem Deev. In his opinion, at the moment the asset is working out the current news feeds, for example, the correction of stock markets due to a new wave of the pandemic and problems with Chinese developers.
The market was also influenced by the signing of an infrastructure plan by US President Joe Biden, which will oblige crypto brokers and operators to notify the tax service of all transactions with digital assets worth more than $ 10 thousand, Deev said.
According to the analyst's forecast, Bitcoin is unlikely to reach a new high by the end of the year, since the asset has exhausted its growth potential. It is not worth expecting new growth of the first cryptocurrency until next year, Deev added.