An expert has announced a correction phase in Bitcoin prices after the peak of $123,000.
The Bitcoin market continues its correction phase after reaching summer and historical highs of $123,000 per coin. Alexander Shneiderman, Head of Customer Support and Sales at Alfa-Forex, told Izvestia on September 26.
“The main factor slowing Bitcoin's long-term upward trend was the decline in its overall dominance relative to other cryptocurrencies from 66% to 57%. The benchmark is becoming too expensive for average investors who remain optimistic about the global crypto industry and are looking for an alternative to investing in top altcoins,” Shneiderman noted.
He added that the main growth drivers associated with the new US administration's intention to promote the Bitcoin market have now played out. This is prompting major market participants to take profits.
“Against this backdrop, we expect quotes to continue to fluctuate within the range of $107,500 to $115,000 until the end of next week in early October, with the risk of the lower limit expanding toward $105,000,” the specialist clarified.
On September 25, it was reported that Russia is discussing the possibility of clarifying the legal framework for judicial protection of digital currencies. Marat Amanliev, managing partner of the Right Side law firm, told Izvestia that he filed a complaint with the Constitutional Court of the Russian Federation challenging the denial of judicial protection for cryptocurrency owners due to their failure to file notifications with the Federal Tax Service.
Source: cryptonews.net
