«A correction is highly likely». What will happen to bitcoin over the weekend?

The cost of the first cryptocurrency updated the maximum from the middle of May at $49 thousand. Experts told how the quotations of the digital coin may change in the next two days.
On Friday, August 20, the rate of bitcoin on the cryptocurrency exchange Binance updated the maximum since August 14 at $49 thousand. Over the past 24 hours, the first cryptocurrency rose in price by 7%. However, at the weekend in the market is often observed increased volatility.
Most likely, at the weekend we will see sideways movement of bitcoin within the $44-48 thousand, suggested CEO of cryptocurrency exchange EXMO Sergei Zhdanov. According to him, the first cryptocurrency may test these levels, but its dynamics are unlikely to be amplitude.

A correction is highly likely

“But altcoins may show good activity in the coming days. I would call the current time the altcoin micro season. Today Cardano updated its historical maximum, Ethereum shows good movements. An important role in the growth of its rate was played by the news about burning”, – stressed the expert.

On August 5, the Ethereum network was updated

London, which completely changed the mechanism of charging commissions for transactions. Part of the commissions that miners used to receive as a reward is now burned. As of 8:00 p.m. MSC on August 20, 68,300 Ethereum worth $224 million had been wiped out.

Returning to bitcoin, CEO of Xena Financial Systems Anton Kravchenko said that in the range of $30.5-32 thousand cryptocurrency bought a large number of large holders, which led to the growth to $48 thousand, after which it slowed down. The expert predicts that with high probability, the market will correct up to $41-43 thousand. Less likely scenario, according to the specialist, is consolidation in the current range and overcoming of $51 thousand with the target of $58 thousand.

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The post was written by Crypto Expert John Belford

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