Fatal autumn. What awaits the bitcoin rate in September

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The future prospects of bitcoin largely depend on the direction in which it moves from the psychological mark. 10,000 has always been a serious frontier for cryptocurrency. The end of August was also no exception. The crypto market is going through turbulent times due to highly controversial news and the unpredictable actions of speculators. — Now the level of speculative trading is very high on the crypto market: with price fluctuations in the range of $ 500, someone makes very good money, — said Alexander Brazhnikov, executive director of the Russian Association of Cryptocurrencies and Blockchain (RACIB). — Now this swing has moved down, but the general direction of the market seems to be positive. By the end of the year, I expect the bitcoin rate to be somewhere around $ 14,000. Vice-President of RACIB Valery Petrov believes that today's bitcoin rate can hardly be called a fall. He recalls that back in mid-July, the coin was at $ 9600. According to him, it is more correct to talk about high volatility, which is due to the high dependence of this coin on the state of the cash liquidity market as a whole. Bitcoin is becoming more and more popular with large investors who buy a variety of assets into their speculative portfolios. According to Valery Petrov's forecasts, bitcoin will rise in price by about 20-30% by the end of the year. — Bitcoin quickly rose in price against the background of the exacerbation of the trade conflict between the United States and China and, as a result, the weakening of the yuan, — said Vladislav Antonov, an analyst at the Alpari information and analytical center. — The rise in gold prices after the easing of the monetary policy of the US Federal Reserve also had an effect. Then tensions with China eased. In addition, additional pressure on the bitcoin rate comes from Facebook's cryptocurrency project. Three Libra members are considering quitting due to growing pressure from regulators. A US House delegation is even going to visit Switzerland to share its views on Libra with local regulators. For almost two months now, Bitcoin exchange rate fluctuations have been declining. Previously, it moved in the $ 4,840 range. Now fluctuations occur within 1876, noted Vladislav Antonov. The long-term consolidation indicates that market participants do not know what to expect from Bitcoin, he said. This is primarily due to the fact that regulatory bodies cannot decide in any way with the attitude towards cryptocurrencies. Ivan Kapustyansky, a leading analyst at Forex Optimum, also notes that the bitcoin fluctuation corridor is narrowing. Only, in his opinion, it will remain at the same level in September. The analyst believes that the situation will change only if a large player appears on the market who starts speculating with a large number of coins. Then he will be able to move the bitcoin rate in the direction he needs. And it is quite likely that this will happen precisely in the beginning of autumn. In fact, over the past year, some correlation has begun to be traced between the bitcoin rate and the geopolitical situation, says Gaidar Hasanov, an expert at the International Financial Center. Usually, when an uncertain situation arises in the securities market, large investors try to minimize the risks for their investment portfolios and start investing in defensive assets such as gold and the Japanese yen. However, the cryptocurrency gradually began to transform into a defensive asset. It would seem that the most risky asset becomes defensive, Gaidar Hasanov noted. According to his forecasts, the growth of bitcoin is quite reasonable; in the medium term, the price may reach $ 12,000. — I am inclined to believe that from September to mid-October, bitcoin will rise in price, — says Vladislav Antonov. — I do not know what will push it up, but the technical picture is ideal for the renewal of the rate growth. If expectations are met, the price will return to $ 14,000 per coin. Support is at the level of 9000. If bitcoin cannot keep this line now, then a new crypto winter will begin on the market. The number of active bitcoin wallets is quite small, few people use it as a means of payment. Most people simply purchased cryptocurrency in anticipation of future profits and keep the coins in their account, while there is practically no inflow of new users, said Gennady Nikolaev, an expert at the Academy of Finance and Investment Management. In his opinion, in such a situation, bitcoin will drop to $ 7,000. The expert believes that it will be possible to talk about the growth of the rate only in the case of a further increase in the number of users. — The trade war is on the decline, so the demand for bitcoin as a defense against the Chinese threat will most likely not receive support this fall, — said Anton Bykov, chief analyst at the Center for Analytics and Financial Technologies (CAFT). — Technical factors also speak about it. It is likely that the bitcoin rate will drop to $ 7,500- $ 8,500 per coin.

Source: https://life.ru/1237748

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