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Experts told how the cost of the first cryptocurrency can change by the end of this year
The opinions of experts may not coincide with the position of the editorial board. RBC-Crypto does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
On the evening of December 19, the bitcoin rate rose above $ 48 thousand. At the moment, the first cryptocurrency is traded at $ 47.4 thousand, over the past day it has risen in price by 1%. The asset continues to move in a narrow range after its rate fell to $ 42 thousand on December 4.
Mikhail Karkhalev, financial analyst at Currency.com cryptoexchange
Typically, these sidewalls disappear in 10-15 days. Considering that the collapse took place on December 4, there is reason to believe that next week, on the 20th, we will see a way out of it.
Over the past few years, Bitcoin has usually grown in the second half of December and almost until the very New Year. Let’s hope that he will not change his traditions and will grow.
On-chain metrics are more bullish. Fundamentally, bitcoin is strong, but market sentiment is not very positive. Now the situation is quite contradictory, investors still cannot decide how to react to the final meeting of the FRS. I believe that in the coming days they will determine the trends.
Development Director of the EXMO crypto exchange Maria Stankevich
If we talk about the bitcoin rate until the end of the year, then I note that despite the negative market factors and the general news background (Evergrande, information on inflation, the threat to financial stability from cryptocurrencies, etc.), the financial markets liked the results of the last meeting of the US Federal Reserve System. This led to their strong growth, not leaving aside digital currencies, increasing their capitalization by 3.5%. The agency’s actions coincided with negative expectations of investors in terms of a double cut in the QE economic stimulus program and plans to increase the discount rate next year. True, the regulator’s decision to reduce its own balance sheet, which has assets worth $ 8.6 trillion, remained behind the scenes.
And by selling its assets, the Fed will increase the supply in the market and take away liquidity from it. In the long term, this can negatively affect the economy.
Nevertheless, today we see that the bitcoin rate has gone sideways and continues to be there. I would like to note that we are still in a correction and the bears have not yet completely captured the market, which gives hope for the continuation of the upward trend. For this, it is important for bitcoin to overcome the $ 50.7 thousand mark in the near future, after which a rebound to at least $ 59 thousand should occur within a few weeks.
As for the “bottom” – I think that many regard the $ 40K level as a buying opportunity, which means that we can push off from it and go up.
In general, I would like to note that December is traditionally 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.
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