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Experts explained why investors have remained cautious over the past few weeks and predicted how the course of the first cryptocurrency might react to the emergence of new negative factors.
On December 11, the price of bitcoin fell to a local minimum of $ 46.7 thousand. On December 12, the cryptocurrency is traded at around $ 49 thousand, and its capitalization is $ 928 billion, according to CoinGecko. RBC-Crypto experts predicted what to expect from bitcoin in the coming days.
Cryptocurrency and inflation
Bitcoin behaves in the same way as world markets, says the head of the analytical department at AMarkets Artem Deev. According to him, a very precarious situation has developed in the markets in the last week, since investors did not take any harsh actions in anticipation of clear signals.
Deev also recalled annual inflation in the United States, which for the first time in almost 40 years exceeded 6.8%. After the publication of this data, a serious correction can be expected in all markets, including cryptocurrency, the analyst noted. In the coming days, the price of bitcoin may fall below the $ 40 thousand mark, Deev predicted.
“Short-term bounces are possible, as it always happens after a sharp fall, but it’s definitely not necessary to talk about fixing bitcoin above $ 50 thousand,” the analyst added.
In order for Bitcoin to gain a foothold above $ 50 thousand, the bulls must accumulate volumes at the level of $ 48 thousand, explained Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. In his opinion, this can only happen if there are favorable factors, for example, if the Fed refuses to accelerate the curtailment of the economic stimulus program in the United States.
“I am more than confident that at the end of the meeting on December 14-15, the FRS will decide to quickly terminate stimulus programs due to high inflationary risks. And this will definitely hit both the stock market and the crypto market, ”the expert predicted.
In such conditions, bitcoin has practically no chance of gaining a foothold above $ 50 thousand, Soshnikov believes. According to him, a more likely scenario is a decrease to the level of $ 45 thousand.
Slow down dynamics
After the massive sale, the bitcoin rate went sideways and does not show directional dynamics, explained Sergey Zhdanov, CEO of the EXMO crypto exchange. In his opinion, the return of bitcoin to growth will be indicated by a slowdown in dynamics, a decrease in volatility in the region of $ 48 thousand and an intensive buyout. At the moment, the cryptocurrency retains the potential to break through the resistance level of $ 54 thousand, from where the path for $ 60 thousand opens, Zhdanov noted.
“December, traditionally, is a very active month in the cryptocurrency market and we will most likely be able to see an impulse movement as early as next week and the scenario of updating the historical maximum around $ 70 thousand remains real,” the expert added.
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