In what case, the bitcoin rate will return to active growth, and in what case it can pass to the stage of decline and fall to last summer’s minimums.
After December’s 20% plunge in bitcoin to $42,000, positive forecasts have changed to subdued or negative. For example, Galaxy Digital CEO Mike Novogratz, who usually has an optimistic view of the cryptocurrency’s future price, now argues that it is unlikely to fall below $40,000. And according to trader Ton Weiss, bitcoin will return to growth if it can consolidate above $53,500. However, today the asset price has again dropped below $49,000. As of December 9 at 19:13, it is $48,400.
Expectations for the end of the year are moderately negative
Despite moderate optimism in the market and the recent recovery of bitcoin rate above $50k, Bestchange.ru senior analyst Nikita Zuborev expects the correction to continue until the end of the year. According to him, the recent fall to $42 thousand could be considered the “bottom” of the trend, but the market recovered too quickly. Now, due to the fact that no big volumes were traded in the correction zone, we may assume that it is not over, Zuborev explained.
“In case the correction continues, we expect stabilization no sooner than bitcoin will be fixed near one of the support levels in the range between $31,000 and $37,000,” the expert noted.
He added that, given the lack of fundamental news, expectations for bitcoin at the end of the year are moderately negative. Zuborev stressed that in the coming weeks is unlikely to happen a “New Year’s miracle” and the first cryptocurrency will update the historical maximum.
Bitcoin rate could go down to $30,000
Positive news background may open to bitcoin the possibility of updating the historical maximum before the end of the year, said the director of the service for the exchange of cryptocurrency Alfacash Nikita Soshnikov. In the most positive scenario, the rate of the asset will reach $80 thousand, the expert suggested. For example, the growth of the cryptocurrency can be facilitated by the resumption of sales of Tesla electric cars for BTC.
“The lack of positive news and further pressure from sellers, many of whom are eager to lock in profits, may put a point in the current phase of positive movement of the cryptocurrency,” warned Soshnikov.
According to him, some of bitcoin’s growth potential has been lost due to China’s regulatory pressure on the crypto industry. Probably, in case the downward movement will continue, the price of the asset may go down to $30 thousand by the end of this year, the specialist predicted.