Over the past day, bitcoin has risen in price by 14% to $ 39.5 thousand. The cryptocurrency has partially won back the fall that happened over the weekend. On January 9-11, the price of BTC dropped from $ 42 thousand below $ 31 thousand. Since then, the growth has been 22%, writes RBC Crypto.
The correction may not be over yet, and the market may experience several more rounds of less deep falls, warned Nikita Zuborev, senior analyst at Bestchange.ru. The current rise in price to $ 38 thousand is “absolutely typical” as a consequence of the beginning of the correction and is a temporary rebound, the expert noted.
From his point of view, the price of the coin will fluctuate in the range from $ 34 to 38 thousand before steady growth can resume. But this will hardly happen before the end of January, Zuborev said. It may not be profitable to buy BTC now, there is, albeit a small, probability of the continuation of the correction to $ 28 thousand, the analyst said.
“In the short term, buying bitcoin is now unprofitable. But for long-term strategies with target values of growth of three times or more, the opportunity to buy an asset at 5% cheaper is not so significant, ”Zuborev said.
Private trader Alexander Boyarintsev is more optimistic about the prospects for bitcoin. The course can overcome the historical maximum of $ 42 thousand, there is a chance of growth to $ 45-50 thousand, he admitted.
He stressed that the market is now overbought. Therefore, even if bitcoin overcomes the level of $ 45 thousand, it is not worth counting on continued growth to $ 100 thousand. Investors who now do not have bitcoins should not buy them, Boyarintsev believes. On the other hand, cryptocurrency holders can sell a quarter of their assets.
United Traders’ lead trader Alexey Markov also suggested that the bitcoin price will continue to rise. It quickly recovered after the recent deep fall below $ 31 thousand. Investors who did not manage to buy coins during the decline may have to do so at a higher rate.
“Perhaps we are just on the verge of a strong acceleration. The V-shaped nature of a rebound after a deep correction almost always cuts off potential buyers on consolidations. They will simply have to catch up with growth by buying at high prices, ”explained Markov.
Dmitry Ivanov, CEO of Klopenko Group, warned that a correction is inevitable at some point, and the longer this moment is delayed, the stronger the fall may be. Therefore, most likely, the price will collapse before spring – up to $ 10-20 thousand, the expert said. He noted that in the future, bitcoin will still rise in price and “quite” may step over the mark of $ 50-70 thousand within a year or two.
Now we need to watch out for large institutional investors, advised Ivanov. If they start selling Bitcoin stocks, this may be the right time to take profits before the price drops.
Stay in touch! Subscribe to Cryptocurrency.Tech in Telegram.
Discuss current news and events at the Forum