Experts said when the first cryptocurrency (Bitcoin), which has almost halved in price since April, will be able to recover to its peak values.
From December 2020 to April 2021, Bitcoin grew by 229%. In mid-April, the cost of the first cryptocurrency (Bitcoin) reached a historical maximum at around $ 64.3 thousand. Then the quotes went down.
As of July 5, bitcoin is trading at $ 34.4 thousand. Experts explained what prevents the digital coin from returning to strengthening and rapid growth.
In the coming weeks, a significant growth in bitcoin should not be expected, says Nikita Soshnikov, director of the cryptocurrency exchange service Alfacash: the hashrate (the amount of computing power used for mining) of bitcoin has decreased by more than 50% and in the near future this indicator will only begin to recover.
The cryptocurrency market may not return to growth until autumn, the expert believes – the relocation of miners from China, where several provinces have already introduced a ban on the extraction of digital assets, will take more than one month.
From October until the end of the year, there is a high probability that bitcoin will start growing again, Soshnikov said. the expert is sure to show a new growth stage.
“By Catholic Christmas, the coin will return to $ 55-60 thousand, and with additional growth drivers, it will reach $ 80-90 thousand,” he said.
By the end of the year, bitcoin may rise in price to $ 50 thousand, however, significant growth with the update of historical highs should not be expected, according to leading analyst at 8848 Invest Viktor Pershikov.
According to his forecast, in the near future the cryptocurrency rate may drop to $ 27-28 thousand, after which the recovery of quotations will begin.
“The bullish trend will resume after the correction, but a significant upward trend will take more time, given the fact that fundamental factors are now putting pressure on the rate,” the expert says.
The update of historical highs, according to the analyst, will occur either in the spring of next year, or six months before the next halving of bitcoin, which will take place in 2024.
