Over the past seven days, the price of the first cryptocurrency fell to a local minimum since the beginning of August. Experts named the factors that can provoke another collapse of the digital asset market in the near future.
This week, the bitcoin price set a new local minimum since August 5. The rate of the first cryptocurrency dropped to $ 39.6 thousand. At 10:55 Moscow time on September 26, bitcoin is trading at $ 41 thousand. Experts from RBC-Crypto predicted whether the quotes could continue to decline or bitcoin will begin to recover in the coming days.
-China in the spotlight
The last major decline in the market was caused by the introduction in China of a complete ban on cryptocurrency transactions, said lead analyst at 8848 Invest Viktor Pershikov. However, the crusade of the Chinese authorities against digital assets will not be able to radically change the situation, the expert believes.
“After a local correction with a possible price decrease below $ 40 thousand, the bitcoin rate will stabilize and in the 4th quarter of this year will continue the upward trend,” the analyst says.
Next week, the first cryptocurrency will stabilize around $ 38-40 thousand, and in early October its value will rise to $ 50 thousand, Pershikov is sure.
-Bitcoin will be bought back
It is unlikely that in the near future we can expect a decline in the bitcoin rate below $ 35 thousand, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. According to him, the price of the first cryptocurrency may short-term drop to this level, but after that it will quickly bounce up, since a large number of buy orders have been set at this level. In the coming week, the cost of bitcoin may fluctuate in the range of $ 35-42 thousand, Soshnikov predicted.
The expert also commented on the ban on cryptocurrency transactions in China, which brought down the price of bitcoin this week. According to Soshnikov, this news hit only new investors, for whom the ban in China is something new.
“Those who have been on the crypto market for several years remember that China bans cryptocurrency annually, sometimes several times a year. Therefore, I think that only newcomers will rush to sell bitcoins now, and the old-timers of the crypto market will simply wait out the turbulence without even leaving the asset, ”the expert explained.
-An uptrend is in force
If negative news feeds continue to dominate the market, the decline in quotations may increase, says Nikita Zuborev, senior analyst at Bestchange.ru. According to him, in this case, the price of bitcoin may fall to $ 32 thousand, but even such a serious impulse will not affect the long-term trend of bitcoin.
"Expectations of $ 100 thousand by the end of 2021 - spring 2022 are fully justified and will remain realistic even in this scenario," Zuborev added.