Imports, Exports, and Exchange Rates: Crash Course Economics #15
Over the past few weeks, there have been several attempts to storm the $ 13,000 level on the bitcoin market, but each time the correction ended in a rapid collapse of the exchange rate, up to $ 9,900. Therefore, we decided to ask the analyst of the EXANTE investment company Viktor Argonov about the reasons for the increased volatility and the near-term prospects for the leading cryptocurrency exchange rate..
According to the expert, in the coming weeks, Bitcoin is likely to continue to grow, as the approach to the record of $ 19,600 will stimulate the asset to this. The more market participants are confident that there are no psychological barriers on the way to the maximum, the faster it will be achieved. At the same time, the unwillingness of new investors to buy above the $ 10,000 level works against the growth of the asset..
The dynamics of the MTC movement in recent months may become the key to understanding the current situation: in April, the cryptocurrency grew by 31%, in May – by 56%, in June – by 32%. Corrective pullback at the end of June – early July is unlikely to break the growth trend for a long time.
«It can be assumed that by the end of July, BTC is able to add 30-40%, and in mid-August – come close to its all-time high, exceeding $ 19,000, in the presence of a positive news background», – predicted by Viktor Argonov.
Adding that several important factors may affect the market, including the development of the situation with crypto custodians, the SEC’s decision regarding the Bitcoin ETF and Facebook’s position regarding the requirements of the US and European authorities. However, it is impossible to predict how favorable the government will be to the market..
At the time of this writing, the bitcoin rate is $ 11,520, having fallen by 6.47% over the last 24 hours.
Market growth could also stimulate the entry of new global giants, such as LG, which may issue own crypto wallet ThinQ Wallet.
text: Ivan Malichenko, photo: Shutterstock