The cost of the most popular Bitcoin cryptocurrency (BTC) last week remained in the range of 6.5-6.7 thousand dollars, not showing a large volatility. Experts interviewed by RIA Novosti told us which events have a key impact on the price and what will be the dynamics of its trading this week.
According to the CoinMarketCap portal, which calculates the average price on more than 20 exchanges, according to the results of Sunday’s trading, Bitcoin fell by 0.14% – to 6.582 thousand dollars. At the Binance Exchange, the largest in terms of trading in cryptocurrencies, Bitcoin fell by 0.23% to $ 6.586 thousand.
According to CoinMarketCap, the capitalization of the cryptocurrency market amounted to 217.126 billion dollars. Bitcoin accounted for approximately 52.5% of the total cryptocurrency market, Ethereum accounted for about 10.6%, and Ripple accounted for 4.11%.
Week of stagnation
According to experts, last week the price of Bitcoin was stable, thanks to both positive and negative statements by market representatives.
“The positive news was that Ethereum and Litecoin could join Bitcoin in the futures market. Also significant was the news about the Venezuelan petro cryptocurrency, which is promoted by the authorities. Despite the big risk for external investors, this news is undoubtedly positive for the cryptomir,” said head of Enigma, co-founder of the ICG cryptocurrency fund Igor Zartdinov.
A negative signal, in his opinion, could be the statement by the head of the International Monetary Fund, Christine Lagarde, that the world is on the verge of another financial crisis due to the rapid development of financial technologies, in particular digital currencies. “This is referring to cryptocurrencies,” he believes.
Alpari analyst Vladislav Antonov said that the negative background in the market may also be related to the expectations of market participants of the decision of the US Securities and Exchange Commission (SEC) to launch Ethereum-ETF – exchange-based investment funds oriented on this cryptocurrency.
What with the price
According to Zartdinov, Bitcoin may increase in value this week, but after that its price will go down.
“The immediate goal of growth is seen at 6.79–6.87 thousand dollars. After, most likely, there will be a reversal down. According to the indicators, we observe a“ bearish ”situation,” he shared his forecast.
Professor Konstantin Ordov of the Department of Financial Management of the Plekhanov Russian University of Economics awaits a negative scenario. “The volume of the market in recent days is record low, the leaders’ attempts to sharply pierce the level of 6.7 thousand dollars no longer even inspire optimism … While we are waiting for testing the level of 6 thousand dollars,” he said.
Antonov takes a more cautious position. He believes that low volatility and small trading volumes of cryptocurrency can become “the basis for an explosive impulse.”
“Traders and investors are now worried about one question, in which direction will the impulse. I adhere to strengthening Bitcoin against the dollar and wait for this week the growth of quotations above 6.85 thousand dollars. If buyers can gain a foothold above it by October 10, I will assume that “bullish phase” began with the goal of 8.6 thousand dollars, “said the expert.
“If the price falls below 6.4 thousand dollars, pressure on Bitcoin will increase. Alpari estimates that in this case it’s time to forget about the growth of the world’s main cryptocurrency and get ready to fall to 6.25 thousand dollars,” he said.