Continued growth or a new correction. What will happen to bitcoin next

Over the past 24 hours, the main cryptocurrency has fallen in price by 4% and dropped to $47.1 thousand. Experts explained whether to take the fall in quotations as the beginning of a short-term correction

Continued growth or a new correction. What will happen to bitcoin next

On August 23, the price of bitcoin for the first time since mid-May exceeded $50 thousand. After that it began to decline. On August 25, the rate of the main cryptocurrency fell to $47.1 thousand, and the capitalization of the digital coin fell to $889 billion. Crypto experts explained whether to wait for a short-term correction in the crypto market.

“Market weakness.”

Xena Financial Systems CEO Anton Kravchenko

Bitcoin tried to overcome the level of $50,000 and failed to consolidate higher, although traded for some time at $50,500. This indicates the weakness of the current market.

A correction to the range of $42-44 thousand is most probable, you can also set buy orders above $51.5 thousand in case of a confident overcoming of the level, but it is unlikely to happen now.

“The continuation of growth seems the most logical.”

Head of CEX Broker Data Analysis Yuri Mazur

A bitcoin correction to $45k and below is less likely at the moment than a continuation of the rise to $58.8k, given the driving force of the trend and the obvious presence of serious demand for bitcoin from both small and large investors. Most likely, this demand will serve as the driver to achieve the goal of the uptrend.

If we talk about the possible causes of the corrective movement, we can note the reduction of the size of the stimulus measures from the world financial regulators, the purpose of which was to support the economies of developed countries. This provoked a rise in inflation, and investors began to consider bitcoin as a tool to protect against it.

Given bitcoin’s current trend, continued growth seems the most logical continuation of the cryptocurrencies price dynamics. It is worth remembering that the driving force of a trend is always stronger than corrective moves until the trend target has been reached. At the moment, the nearest bitcoin target is $58.8 thousand. It is also possible that the rate will go up to the level of $63.5 thousand, which is the final resistance level on the chart at the moment.

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The post was written by Crypto Expert John Belford

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