28.11.2021

What will happen to the price of bitcoin in the coming weeks? Expert forecasts for October

On Monday, bitcoin is trading at $ 43 thousand.The first cryptocurrency is recovering after its price fell to $ 40.7 thousand on Sunday night. Over the past few days, the asset dropped to this level several times, but then each time its price rose again , writes RBC Crypto.

For bitcoin, “round” numbers such as $ 30,000, $ 40,000, $ 50,000 are strong support levels, explained Roman Nekrasov, co-founder of the ENCRY Foundation. Many retail traders and investors place buy or sell orders in the vicinity of these marks, he said .

“For this reason, we constantly see how bitcoin either cannot fall below some round mark, or cannot rise and exceed such a round mark ,” the specialist emphasized.

Each attempt by the “bears” to push the price below $ 40 thousand, even at low trading volumes, led to an instant buyout by the “bulls”, added Dmitry Machikhin, CEO of the investment fund Pressman Capital. He stressed that he expects the complete transition of the cryptocurrency to the power of buyers in October.

The latest decline in the price of bitcoin came after the People’s Bank of China banned all cryptocurrency transactions last week . The services that crypto-exchanges provide to residents of the country also turned out to be out of the law. Then it became known that from September 24, Huobi Global marketplace has stopped registering new Chinese users, and existing Chinese accounts will be disabled until December 31, 2021.

News about the next ban of cryptocurrencies in China is no longer able to have a serious impact on the bitcoin rate, Nekrasov noted. According to him, if earlier such messages caused a collapse, now the market has quite calmly digested this news and continued to be in a predominantly bullish mood.

“The fact that bitcoin managed to stay above $ 40 thousand gives us the right to assume that the strength of the bulls has not yet been exhausted and perhaps bitcoin will burst to $ 50 thousand in the next couple of weeks,” Nekrasov predicted.

The new ban in China is now playing a decisive role, Vladimir Smetanin, CEO of the Swiss financial company Newcent, is sure. Now bitcoin is trading in the $ 41.8-45 thousand corridor, and in case of breaking the $ 45 thousand mark, further growth is expected to $ 47 thousand, the expert predicted.

Anton Kravchenko, CEO of Xena Financial Systems, agreed with him, adding that the market is set at a level of $ 50,000 by the end of the year. Also, according to Kravchenko, there is a possibility of renewal of the historical maximum above $ 65 thousand.

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