Wednesday, May 29, 2024

What Will Happen To Bitcoin At The Weekend?

On Friday, the price of the first cryptocurrency rose above $ 50 thousand again. Experts said whether it will hold at this mark in the next two days and continue to grow or move to decline.

On September 3, the bitcoin rate updated its maximum since mid-May at around $ 51 thousand. Then the value of the first cryptocurrency dropped to the current level of $ 50.5 thousand.

Often on weekends, strong price movements occur in the digital asset market. Experts told what dynamics to expect from the market in the next two days?.

It is important for the bulls to close the current working week above the psychological mark of $ 50,000, says Andrey Polodyan, CEO of Cryptorg.

According to Andrey, if this happens, then there will be no “strong cataclysms” on the market at the weekend, and next week there is a high probability of renewal of local maximums.

A more optimistic forecast was given by Vladimir Smetanin, CEO of the Swiss financial company Newcent. He believes that on the weekend, the first cryptocurrency (Bitcoin) will test the $ 52K mark, and Ethereum – $ 4.1K.

Sergey Zhdanov, CEO of the EXMO crypto exchange, is of the opposite opinion. According to him, the breakout by bitcoin of the level of $ 50 thousand does not mean its further growth over the weekend.

The nearest significant level corresponds to approximately Bitcoin $ 51.3 thousand, and when approaching it, a scenario of a rebound to the range of $ 47-49 thousand will be likely, Zhdanov is sure.

In the event of a more impulsive breakdown of the $ 51.3 Bitcoin thousand level, the next target will be the $ 58 thousand mark. However, in the next two days this is an unlikely scenario, since no significant events happened, the expert concluded.

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