"There won't be a multiple of growth." What to expect from the market next week

Bitcoin was trying to consolidate above $50 thousand, but the coin failed to do so. Experts explained if the main cryptocurrency can overcome this level and gave a forecast for altcoins

This week, bitcoin managed to overcome the mark of $50 thousand, but the coin could not consolidate above this level. As of 9:00 MSK on August 29, the value of the main cryptocurrency is $48.2 thousand. Bitcoin capitalization exceeded $907 billion. Experts predicted whether bitcoin will be able to consolidate above $50 thousand in the coming days.
"There won't be a multiple of growth." What to expect from the market next week

Weak market dynamics

At the moment, bitcoin’s exchange rate has settled in the range of $48-50 thousand, according to CEO of cryptocurrency exchange EXMO Sergey Zhdanov. According to him, the main cryptocurrency ended the fifth week in a row with growth, despite the decline after trying to consolidate above $50k.

“The first cryptocurrency is trying to approach the level of $50 thousand and even overcome it, we observe a local correction and sideways movement. The overall market dynamics is now quite weak”, – said the expert.

According to Zhdanov, in the near future, the bitcoin price will fall to $47 thousand, but the coin still has the prospect of growth up to $60 thousand. At the moment, the most promising altcoins are those which grow thanks to its own news: Ethereum (ETH), Cardano (ADA) and Solana (SOL), Zhdanov added.

High volatility

High volatility is expected in the market next week, and bitcoin will be in the $44-50 thousand range, predicted Nikita Zuborev, senior analyst at Bestchange.ru. He admitted that the main cryptocurrency may attempt to consolidate above $50,000, but the coin is unlikely to succeed in the near future.

Even in case of the most positive scenario and bitcoin fixing above $50 thousand, we should not expect the rapid growth of altcoins, the analyst thinks. In his opinion, bitcoin will remain the main driver of the market growth at least till the end of the year. Alternative tokens will be able to resume growth only against the background of extremely positive investor sentiment and stable bitcoin prices, Zuborev said.

“The situation does not dispose to the multiple growth of altcoins, in the coming weeks or even months they will repeat the trends of bitcoin with a little more amplitude”, explained the analyst.

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The post was written by Crypto Expert John Belford

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