The last few days, the first cryptocurrency has been trying to gain a foothold above the psychological mark of $ 50 thousand. Experts predicted whether the coin will be able to successfully overcome this level and what may happen after that
Over the past two days, bitcoin several times crossed the $ 50 thousand mark. The price of the main cryptocurrency reached $ 51 thousand. However, the coin has not yet managed to confidently gain a foothold above this psychological mark. On September 5, Bitcoin is trading at $ 49.8 thousand. Experts predicted whether the first cryptocurrency will be able to overcome an important psychological mark in the coming days.
In the current situation, it is extremely difficult to predict the growth or decline of bitcoin. According to him, there is an unstable situation in the financial markets, despite the continuous growth.
As soon as the regulator revises the monetary policy (and this may happen in the fall), there will be an outflow of funds from many markets, including the cryptocurrency one. In his opinion, this can provoke a sharp drop in bitcoin to $ 37-40 thousand.
On the other hand, from a full-fledged crisis, the economy is restrained by banks that keep rates at lows and continue to print money, the analyst recalled. If this continues until the end of this year, then Bitcoin will grow and attract investors. According to his forecast, in such a situation, the first cryptocurrency will be able to recover to $ 60 thousand and show new historical highs.
Considering that Bitcoin has repeatedly crossed the $ 50K mark and moved further to $ 51K, it will most likely be able to gain a foothold at this level. According to him, in the coming days the price can be expected to move to the range of $ 50-53 thousand with possible attempts to break through the resistance levels at $ 57 thousand.
If a negative scenario is realized and bitcoin begins to decline below the current levels, then its rate may fall to $ 48 thousand. In his opinion, even in this case, the week will be stable and without serious rollbacks.
At the moment, an important resistance level for bitcoin is at around $ 51.3 thousand. According to him, a likely scenario will be a rebound from this level, followed by consolidation in the range of $ 47-49 thousand. If bitcoin manages to overcome the level of $ 51.3 thousand, then the next the growth target will be a mark in the region of $ 58 thousand.