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In which case the price of the cryptocurrency will return to active growth, and in which case it can go into a decline stage, and fall to the lows of the last summer
After the December 20 percent collapse of the bitcoin rate to $ 42 thousand, positive forecasts were replaced by restrained or negative ones. For example, Galaxy Digital CEO Mike Novogratz, who is usually optimistic about the future price of the cryptocurrency, now claims that it is unlikely to drop below $ 40 thousand.And according to trader Ton Weiss, Bitcoin will return to growth if it can gain a foothold above $ 53.5 thousand. However, today the price of the asset has again dropped below $ 49 thousand. As of December 9, 19:13 Moscow time, it is $ 48.4 thousand.
“Expectations for the end of the year are moderately negative”
Despite moderate optimism in the market and the recent recovery of bitcoin above $ 50,000, Nikita Zuborev, a senior analyst at Bestchange.ru, expects the correction to continue until the end of the year. According to him, the recent drop to $ 42 thousand could be considered the “bottom” of the trend, but the market recovered too quickly. Now, due to the fact that no large volumes were traded in the correction zone, we can assume that it has not ended, Zuborev explained.
“If the correction continues, we expect stabilization not earlier than bitcoin fixes near one of the support levels in the range between $ 31,000 and $ 37,000,” the expert noted.
He added that due to the lack of fundamental news, expectations for Bitcoin at the end of the year are moderately negative. Zuborev stressed that in the coming weeks, the “New Year’s miracle” is unlikely to happen and the first cryptocurrency will update its historical maximum.
“Bitcoin may drop to $ 30 thousand.”
The positive news background may open up the opportunity for bitcoin to update its all-time high by the end of the year, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. In the most positive scenario, the asset price will reach $ 80 thousand, the expert suggested. For example, the resumption of sales of Tesla electric vehicles for BTC could help the growth of cryptocurrency.
“The lack of positive news and further pressure from sellers, many of whom are eager to take profits, may put an end to the current phase of the positive movement of the cryptocurrency,” Soshnikov warned.
Some of Bitcoin’s upside potential has been lost due to China’s regulatory pressure on the crypto industry, he said. Probably, if the downward movement continues, the asset price may drop to $ 30,000 by the end of this year, the specialist predicted.
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