Experts explained why the price of the first cryptocurrency sharply exceeded $ 40 thousand. and whether the asset has the potential for further growth
On February 5, the bitcoin exchange rate reached $ 41.9 thousand for the first time since mid-January, rising by 13% per day. At 10:55 Moscow time on February 6, the cryptocurrency is trading at $ 41.6 thousand, and its capitalization is $ 787 billion, according to CoinGecko. RBC-Crypto experts explained what is happening in the crypto market and whether bitcoin is able to continue to grow.
Reversal of markets
This week, bitcoin broke resistance at $ 39,000, ignoring the dollar rally, which caused the publication of strong data on the US labor market in January, explained BitRiver financial analyst Vladislav Antonov. According to him, the bitcoin exchange rate confidently broke the downward trend line, held at the highs of November and December last year. Sellers began to close short positions, and buyers to open long positions in anticipation of further price recovery, the analyst said.
As soon as market participants digested the published statistics on the labor market, stock indices turned up, Antonov said. According to him, on Monday (February 7) the focus of traders will be on the speeches of central bankers and the inflation report in the United States. High inflation and measures to combat it remain key issues for all markets, Antonov added.
After the breakdown of the trend line, buyers have a great chance to raise the price of bitcoin to $ 44.5 thousand, predicted financial analyst BitRiver. He also explained that US companies with large capitalizations reported, so if stock indexes do not sag in the new trading week, according to technical analysis, the price of bitcoin could reach $ 49 thousand at the moment, long-term investor sentiment and trend direction remain favorable for bitcoin .
By May of this year, bitcoin can grow to $ 52 thousand, said the co-founder of the cryptocurrency EXMO Ivan Petukhovsky. He also reminded that there is such an expression on the stock exchange as “Sell in May and go away”.
Correction of the global “bearish” trend
The latest movements in the price of bitcoin are very similar to the correction of the global “bearish” trend against the background of a 50% increase in trading volumes, according to senior analyst at Bestchange.ru Nikita Zuborev. He reminded that despite the growth, bitcoin continues to be under pressure and in the coming weeks or months will continue to decline with periodic adjustments.
If the market is not shocked by any serious news, bitcoin will feel relatively confident for a week and will continue to accumulate volumes at current levels with the potential to grow to $ 43.3 thousand, the analyst predicted.
“By the end of the week, in the middle of the month, a new local momentum may begin to decline and bitcoin is testing support levels, first near the values of $ 37-38 thousand, and then may decline to the lower limit of the channel to $ 31.9 thousand,” Zuborev added. .
– Kraken analysts called altcoin with “explosive” growth potential
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