The first cryptocurrency is about to break the record again. It is expected to rise to $ 50,000. At the same time, the value of $100,000 is not the limit for bitcoin, experts believe.
In the last month of summer, the outlook for the digital asset market is positive. Many marketeers expect the uptrend from the BTC to continue, given the fact that it periodically demonstrated growth during the summer. The positive trend of the last few days indicates the bullish mood on the crypto market. Traders and investors expect BTC to return to the $ 50,000 level, which kicked off a massive Bitcoin sell-off in May this year.
According to technical analysis, the leading digital asset received a bullish momentum at the support level near the 200-day moving average. This happened following the resistance level breakout of flat near $ 40,000. On Tuesday morning, Bitcoin was trading at $45,701, giving hope for further growth.
According to analysts, over the past month, cryptocurrency has risen in price by 33%. And this is only the start. According to experts, the successful implementation of the London hard fork on the Ethereum network became the driver of the Bitcoin's growth. This helped Ethereum to rise, giving Bitcoin a chance for similar growth.
At the end of July, bitcoin overcame the resistance of a long period of accumulation, breaking the downtrend. According to analysts, if in August it consolidates above $ 40,000, then in the near future it will be able to reach $ 50,000. If such a scenario is implemented, the major cryptocurrency will return to the $55,000 level in October. And by the end of 2021 it will test a new historic high near $80,000.
At the moment, the crypto market is far from euphoric, but it is on a positive wave. According to Fairlead Strategies experts, the leading digital asset has successfully overcome three resistance levels and is ready to move on. Over the past three weeks, the rise in price of bitcoin occurred at a gigantic pace. If this rate is maintained, it will be able to rise to $ 51,000, Fairlead Strategies emphasize. Currency strategists for Bloomberg Intelligence proceeded further with their forecasts. According to Mike McGlone, the capabilities of the first cryptocurrency are truly limitless. A Bloomberg Intelligence analyst claims that BTC will reach $100,000 in the near future.
Only negative economic factors can interrupt the success of the first cryptocurrency, experts say. They are mainly related to the current monetary strategy of the Federal Reserve and the tough policy of the American authorities. It should be noted that the White House has set a course for strengthening economic and political control. Cryptocurrencies also fell into the scope of its activity. The main tasks of the American authorities are to increase taxes on digital assets and abandon anonymity in the cryptosphere.
However, positive initiatives can lead to negative consequences, experts warn. On the one hand, risks for investors are reduced and the transparency of cryptocurrency transactions increases, and on the other hand, there is an opportunity for various frauds and a number of initiatives that can redound on holders of digital currencies. This particularly applies to the increase in taxes to financially support the American economy, which is showing long-awaited signs of recovery and rebound.