On August 14, Bitcoin hit $ 47,800, setting a three-month high. Over the past week, the BTC price has added 10%, confirming the exit from the correction phase and the beginning of a new bullish cycle.
“Bitcoin has 10-15% growth potential.” In the coming days, we should not expect an increase in BTC volatility, since significant fundamental events are not foreseen, and trading volumes remain rather low, leading analyst at 8848 Invest Viktor Pershikov warned.
According to him, open interest in bitcoin futures is not growing, which indicates the continuation of the current growing trend with local corrections further, but without explosive growth.
“In the near future we will see a gradual achievement of the level of $ 50 thousand, at this mark it will be necessary to monitor the growth of open interest. I admit that the price will continue to rise with targets of $ 52-54 thousand against the background of a surge in the number of open positions, but this may become the culmination of growth, followed by a correction. So far, BTC has a growth potential of another 10-15% from current levels in the coming days, “ Pershikov predicted.
“The price may rise above $ 50 thousand.”
The current situation is similar to August 3-5, when the crypto market was corrected at reduced volumes, followed by a powerful buyout, said Andrey Podolyan, CEO of the Cryptorg crypto exchange.
Previously, the $ 48-50 thousand zone acted as support, from which the price bounced several times, and now it has turned into resistance, the specialist added.
Podolyan suggests that there is now a wave movement of the bitcoin rate , which consists of five waves. According to the theory of the expert, now the cryptocurrency is in the third wave, during which the price of the asset may exceed $ 50 thousand.According to the forecast, after that there will be a correction and the price will drop by about $ 4-6 thousand, then the fifth wave will come, directed towards $ 55-56 thous.
“Higher volatility of altcoins can be expected”
Price surge Bitcoins weekend can occur in two cases warned founder kriptobirzhi EXMO Ivan Petuhovsky. In case of a successful breakdown of the level of $ 47 thousand, the target of $ 50 thousand is very realistic, the expert warned. He called the $ 47 thousand mark important, since the cryptocurrency had already made an attempt to overcome it, and earlier it acted as a support level.
The second situation is if bitcoin drops below $ 44 thousand, which will provoke local sales in order to fix short-term profits, Petukhovsky noted. According to him, given today’s dynamics, increased volatility can be expected from the largest altcoins in terms of capitalization .
“If the current momentum continues, then many retail investors will want to participate in it next weekend,” the specialist concluded.
“Cryptocurrency has already become mainstream”
According to Steven Stonberg, CEO of Bittrex Global, the cryptocurrency industry has finally integrated into the global economy in recent years. Thus, now we can confidently talk about the completion of the process of maturation of the digital asset market .
The businessman recalled that bitcoin was launched in 2009, but the rapid development of the blockchain industry has been observed only over the past few years.
Stonberg told CoinTelegraph:
“Cryptocurrencies have already become mainstream. They are being introduced in both developed and developing countries. Bitcoin has even been recognized as a means of payment in one country, while other countries are considering options for legalizing it. “
The CEO of Bittrex Global was referring to El Salvador, which in the early summer of 2021 nevertheless passed a bill allowing the use of BTC when paying for goods and services.
The volume of trading in cryptocurrencies is growing at a super-fast pace in the world . In parallel, we are seeing the institutional adoption of digital assets .
Large companies are investing in innovative tools, and this process can no longer be stopped, Stonberg said.