Reading time: ~2 m
Experts told what factors are now affecting the first cryptocurrency, and how it will behave in the coming days
On August 8, the bitcoin rate at the moment rose to the level of $24.2 thousand, updating the price maximum since July 31. As of 20:00 Moscow time, the first cryptocurrency is trading at $23.8 thousand, over the past day it has risen in price by 3.5%.
Experts told RBC-Crypto what is now affecting the price of bitcoin, and gave forecasts for the near future
The right momentum
In recent weeks, an uptrend has formed on the daily timeframe (the time interval on the price chart with a step of 1 day) of the Bitcoin chart, and it lacked the final impulse, Andrey Podolyan, CEO of Cryptorg, said. Now this movement has just begun, the target for BTC at which are the levels of $ 25.5 thousand – $ 26.2 thousand, he believes.
Also today, the growth is based on fundamental news from the US, the expert added, specifying that we are talking about the plans of the Fed to turn on the printing press again and “fill up” the market with money.
Influence of external and internal factors
Positive factors for the crypto market are now internal indicators, says Roman Nekrasov, co-founder of the ENCRY Foundation. He explained that the cryptocurrency market managed to overcome the negative background associated with the collapse of Luna/UST and the subsequent series of bankruptcies of crypto-lending platforms.
Bitcoin did well with the test and managed to hold on to about $20,000, although it dropped lower at times, the expert says. According to him, in general, we can assume that this crisis has already passed and is unlikely to cause a new collapse.
However, the specialist noted that other, larger-scale negative factors persist: this is the continuing high inflation in the US and macroeconomic uncertainty in the world. As well as the upcoming tightening of regulation of crypto exchanges and issuers of stablecoins in the United States, which can now be considered a trendsetter in the crypto market, Nekrasov believes.
In the coming weeks, Bitcoin will have to show whether it can confidently gain a foothold above $24,000, after which the next target will be $26,000, and then $29,000-$31,000, the expert believes. He noted that the negative scenario is also still possible and allows for another fall in bitcoin, first to $21,000, and then to levels of $18,000-$19,000.
Two scenarios
In general, the situation on the market is unstable, says exmo.com development director Maria Stankevich. According to her, in fact, the market reacts with positive growth to negative news.
The expert proposed two scenarios for the movement of the first cryptocurrency:
- Fixing bitcoin above $23,655. In this case, it will be possible to consider a scenario with a trip to the goal of $28,000.
- Bitcoin testing the resistance level of $23,655. Fixing below this mark will open the way down.
The expert explained that she leans more towards the first scenario and expects $28,000, $32,500 and $36,000, after which a new corrective movement is likely to emerge.
#Bitcoin #rose #thousand #happen #rate
