Analysts shared their forecasts for bitcoin
On the afternoon of July 6, the price of bitcoin (BTC) at the moment reached $31.5 thousand, this happened for the first time since the beginning of the year. Cryptocurrency has risen in price by more than 3% in a day and by almost 90% since January 1.
Interviewed RBC-Crypto analysts spoke about the prerequisites for the growth of the price of the first cryptocurrency, named the key events that affect the market, and predicted the further movement of the BTC rate.
“The environment is extremely favorable”
Head of Analytical Department AMarkets Artem Deev
“Bitcoin crossed the $31,000 mark half a month ago, and since then, its price has not decreased. There is every reason to believe that it will only grow further. The situation on the crypto market is now extremely favorable.
The US Federal Reserve is talking about the possibility of using payment stablecoins as money in the future. Deutsche Bank, Citadel, Fidelity and a number of other financial giants entered the crypto market by launching their own decentralized crypto exchange EDX Markets. The number of applications for the launch of bitcoin-ETF for the spot market is growing: BlackRock and Invesco are now interested in this.
So, I think that in the short and medium term, the popularity of all cryptocurrencies will grow significantly. Bitcoin, on the other hand, will strive for $35,000. In my opinion, it can overcome this threshold in the fall. Barring any shocks, the next target for him is $40,000.”
“I’m expecting a fix soon”
ENCRY Foundation co-founder Roman Nekrasov
“The main reason for today’s jump in the price of bitcoin is emotional. Investors are encouraged by the desire of BlackRock, one of the largest investment companies in the world, to launch a spot bitcoin ETF. Enthusiasm was added by the words of the head of BlackRock that cryptocurrencies are an international asset.
Positive is also added by the data that almost all of the company’s applications for the launch of ETFs received approval from American regulators, that is, the chances that we will see a spot bitcoin ETF on the market in the near future are greatly increasing. The launch of such a fund will attract additional capital from institutional investors to the crypto market, which will lead to an increase in the bitcoin rate.
With all the positive currently prevailing in the crypto market, the overall movement on the time frame is bearish. So in the near future I expect a correction to $30,000 with a possible move to $29,500.”
“A new upward movement is expected”
Financial Analyst BitRiver Vladislav Antonov
“While bitcoin continues to trade in the same range, despite the update of the annual price high. If it manages to stay above $31.5 thousand today, this will be a new positive signal for buyers.
In this case, active purchases can be expected until July 8. Until July 22, a new upward movement in the direction of $34,000 is expected.
Bitcoin continues to rise in price on news of applications for the creation of spot bitcoin ETFs by BlackRock, Fidelity, WisdomTree, Invesco and Bitwise. Also last week, the launch of ETH/BTC futures by CME Group was a positive factor.”
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