Thanks to positive news over the past three days, the first cryptocurrency (bitcoin) has risen in price by 10%. Analysts named the factors under which one should expect a further rise in quotations
Over the past three days, Bitcoin has grown by 10%. On July 20, the value of the main cryptocurrency (bitcoin) dropped to $ 29.2 thousand for the first time since June 22. After that, the digital coin rose to the $ 32.9 thousand mark.
This happened after the news about the investment in Bitcoin by SpaceX and the integration of the cryptocurrency into the services of the social network Twitter.
CryptoQuant analysts believe that the crypto market is still in a bullish phase.
Analysts came to this conclusion after examining the charts of past growth cycles, which took place in 2017, 2013 and 2011.
CryptoQuant concluded that the bear market always began no earlier than 800-900 days before the Bitcoin halving.
We are still in the bull market (MVRV 2013 Cycle)
Read more in Quicktake👉https://t.co/g9o6KNUnnr pic.twitter.com/CoSB9sKWiy
— CryptoQuant.com (@cryptoquant_com) July 23, 2021
Halving is a halving of the block reward that occurs every four years. Initially, miners received 50 bitcoin, in 2012 this number dropped to 25 coins, in 2016 – to 12.5.
On May 11, 2020, it dropped to 6.25 bitcoin. Halving occurs every 210 thousand blocks mined. The next halving is scheduled for 2024.
Important level
The decline in bitcoin quotes to $ 29.2 thousand caused strong interest in the coin among buyers, according to NewsBTC analyst Ayash Jindal.
According to him, this led to the formation of a large wave of recovery, as a result of which the rate of the main cryptocurrency (bitcoin) overcame three resistance levels at once: $ 30.5 thousand, $ 31.2 thousand and $ 32 thousand. As of July 23, bitcoin is traded on the level of $ 32.1 thousand.
Now the resistance level for bitcoin is at around $ 32.5 thousand, the analyst explained. If the value of the coin is fixed at this level, then in the near future we should expect an increase to $ 33.5 thousand, Jindal predicted.
If bitcoin fails to gain a foothold above $ 32.5 thousand, then the quotes will begin to decline to the first support level, which is in the region of $ 31.5 thousand, the analyst explained, the next support level is at $ 30.5 thousand.
Medium-term prospects
In the medium term, the resistance level for bitcoin is at $ 34,000, according to CoinDesk analyst Damanik Dantes.
In his opinion, after overcoming this mark, one can expect a movement of quotations to $ 40 thousand. Dantes also noted that there is a slowdown in the downward impulse.
