On October 1, the price of bitcoin reached $ 47.9 thousand, as of 20:50 Moscow time, the first cryptocurrency is trading at $ 47.6 thousand, up 10% in the last 24 hours. The price of the asset continues to recover after falling below $40,000 on September 21. Over the weekend, the cryptocurrency market often sees increased price fluctuations, RBC Crypto writes.
In the coming weekend, bitcoin will continue to fluctuate in the range of 45-49 thousand dollars, says co-founder of the ENCRY fund Roman Nekrasov. According to him, the cryptocurrency will try to test the level of $50,000. But even if this happens, it is unlikely that it will consolidate above this mark, the expert believes.
"Bitcoin still needs to accumulate strength for the next spurt, and next week I allow the price to fall below 45 thousand dollars, and by the end of October I take the growth of bitcoin with a sure fixing above 50-55 thousand dollars," the expert stressed.
Market participants are now encouraged by the statement of U.S. Federal Reserve Chairman Jerome Powell that the U.S. authorities do not intend to ban bitcoin as such, but only think about the possibilities of regulating the crypto market, Nekrasov added. He called it a very positive signal for the entire cryptocurrency market, of which the U.S. market is the largest right now, especially after China lost ground due to bans.
Bitcoin's resilience amid a precipitous drop in U.S. stocks and indices, as well as its explosive growth today, suggests that a new uptrend has likely begun, Pressman Capital CEO Dmitry Machikhin added. He predicted that after a small decline, bitcoin will continue to rise for a few more weeks. Then another "wall" of news about market regulation in the West awaits the cryptocurrency, as well as the approval of the American ETF for bitcoin, the expert said.
Despite the high volatility and high risks from technical indicators, expectations for the weekend are moderately positive, said Nikita Zuborev, senior analyst at Bestchange.ru. If there's no drop below $45,000 in the near future, the bitcoin price is likely to consolidate around $47,000 this weekend, with the prospect of growth to $50,000 early next week, Zuborev forecasts. In his opinion, there are almost no prerequisites for deterioration of the situation, and the local upward impulse will remain at least till the middle of October.