"You can't catch a correction." How best to buy bitcoin in the current environment

The major cryptocurrency has recovered to the levels at which it was trading at the beginning of May before the collapse of quotations. Can this be seen as a signal for further growth of the digital coin

"You can't catch a correction." How best to buy bitcoin in the current environment

Yesterday, August 23, bitcoin price for the first time since mid-May exceeded $50 thousand. At this level the main cryptocurrency traded before the collapse of the crypto market, which occurred on May 19. Then the bitcoin value per day decreased more than a third and reached $30 thousand. Exchanger24 experts explained whether to take the restoration of bitcoin price to $50 thousand as a sign of further growth and a signal to buy the cryptocurrency.

Bitcoins outlook

Given the recovery of the main cryptocurrency to $50,000 and the growth of hash rate, the coin has chances to updаte the historical maximum already by the end of this year, said Viktor Pershikov, lead analyst at 8848 Invest. According to him, investors, who are currently buying bitcoin, have the potential to yield 30-40% by the end of the year.

It is now worth investing in bitcoin in the long term, says the head of the analytical department of A-Markets Artem Deyev. The significance of cryptocurrencies for the world’s financial system and their popularity will grow in the future, the analyst predicted. For sure, in a couple of years cryptocurrency will be generally accepted as a means of payment around the world, said Deev.

As long as the global economy will be dominated by the policy of low interest rates and monetary stimulation, it is reasonable to expect a continuation of the upward trend of anti-inflationary assets, said TradingView Development Director in Russia Vitaly Kirpichev.

When to buy cryptocurrency

The current situation in terms of classical price analysis indicates a possible correction to the levels of $45-40 thousand after the growth of bitcoin to $50 thousand, Pershikov explained. In his opinion, the correction may be caused by the pressure on the rate, provoked by the increased inflow of bitcoins to cryptocurrency exchanges after the asset has risen by 70% since July 20.

“I recommend not trying to catch the correction, but to buy bitcoin at current prices by a comfortable volume, which will allow to withstand without consequences local price drawdowns to the area of $45-40 thousand, the probability of which is”, – stressed the lead analyst 8848 Invest.

To buy in, it’s worth waiting for bitcoin drawdown below $50,000, Deyev argues. According to him, the decline in quotations may occur in the fall on the background of negative news.

The decline in bitcoin value in the near term was also predicted by the CEO of the financial company Newcent Vladimir Smetanin. In his opinion, the growth of the main cryptocurrency over the past month will not allow the asset to reach the level of $60-70 thousand without correction. With a high probability bitcoin rate will fall to $45 thousand, but in the long term the price of the cryptocurrency will grow, Smetanin argues.

Latest news:

Cryptanalyst predicts bitcoin to grow by 300% by the end of the year

Monero rate up 32% after cryptocurrency blockchain updаte

Binance rejects accusations of market manipulation

The post was written by Crypto Expert John Belford

Partners