24.10.2021

Will Bitcoin be able to gain a foothold above the $ 50,000 level? Expert opinions

The bitcoin rate set a new all-time high at around $ 50,600 on the afternoon of February 16. After that, there was a slight pullback and until the morning of February 1 7, the BTC price continues to fluctuate around $ 49,000.

The market is not in the most stable position, but this does not mean its weakness, said Mikhail Karkhalev, financial analyst at Currency.com crypto exchange. According to him, the probable correction may start from the levels of $ 55-60 thousand, but this will be within the framework of the upward movement.

“Bitcoin will reach $ 160-170 thousand within a year and a half before the fall begins, similar to the events of 2018,” Karkhalev is sure.

Fundamental factors speak in favor of bitcoin’s growth, Nikolay Klenov, financial analyst at Raison Asset Management, agreed. Payment systems Visa, Mastercard, PayPal, Square are interested in cryptocurrency, he recalled.

Tesla not only bought bitcoins for $ 1.5 billion, but also announced its intention to accept cryptocurrency as a means of payment . Such news creates bullish sentiment in the market, Klenov emphasized.

Yuriy Mazur, head of the data analysis department of CEX.IO Broker, also drew attention to the great growth potential of bitcoin, which is supported by the high demand for cryptocurrency from large market players. He is inclined to believe that the uptrend will continue with a target level “well above” $ 50K.

“From a technical point of view, bitcoin demonstrates a steady growth dynamics against the background of moderate volatility for it, after the explosive growth on February 8-9, which was the result of the purchase of bitcoin by Tesla ,” Mazur explained.

The corporate segment invests large capital in bitcoin, which means that these investments are for a long time, speculative actions are not characteristic of such players, the expert emphasized. He called the scenario with the first cryptocurrency rate correction by 50% unlikely.

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