28.06.202108:25 Forex Analysis & Reviews: Will Bitcoin rise again?

Market participants and analysts are closely monitoring the state of the crypto market, which has recently experienced increased volatility. Experts are afraid that the BTC will further decline, but at the same time, they expect it to recover.

The main cryptocurrency repeatedly tried to recover after its prolonged decline. To date, these attempts have been unsuccessful, but the market does not lose hope for Bitcoin's growth in the medium term.

Last week, the digital asset market plunged across the entire spectrum, and its total capitalization declined by more than $1 trillion. Experts emphasize that this is especially noticeable after the May records. The cryptocurrency flagship – Bitcoin fell to $28,815 at certain points, which is the lowest value recorded since January 2021. On the morning of June 28, Bitcoin was trading near the level of $34,348, keeping the market in suspense.

Experts consider a number of factors to be the reasons for the collapse of the main cryptocurrency, including the rotation of funds from digital to traditional assets, the recent decision of the Fed to start discussing a program to reduce incentives, as well as a ban in China on working with cryptocurrencies. It should be noted that the ban on cryptocurrency activities in China forced miners to move to other regions, and also increased the supply of bitcoin on the market. Against this background, Bitcoin experienced a significant imbalance.

Analysts' opinions of the crypto market regarding the further dynamics of BTC are not too optimistic, but they give hope for its revival. Bitcoin has repeatedly confirmed such predictions, rising like the Phoenix from the ashes amid monstrous failures. Experts said that Bitcoin quickly returned to a wide range of $ 32,000 - $ 40,000 after it declined to the level of $ 28,800 last week. According to current calculations, the area near the $ 30,000 - $ 32,000 is very attractive for buyers. If the price of the main digital asset breaks through below $ 30,000, experts are confident that it will return to $ 40,000 and then continue to recover.

According to experts, the main cryptocurrency has a 50% chance to rise. They do not rule out the rise of the virtual asset to $40,000 – the nearest resistance level. Financial analysts of the crypto exchange note that the market will maintain a balance of supply and demand in the range of $32,000 – $40,000. The price of bitcoin will go to the side that has more weight. In general, the probability of growth in BTC is 50/50.

For the incoming two weeks, the leading cryptocurrency will test the level of $ 30,000. Experts predict that it periodically fall to $ 28,000, and sometimes to $ 25,000. By the end of the summer, bitcoin may collapse to $ 25,000, but large investors will help it, buying out on drawdowns and supporting the BTC rate.

In the medium term, analysts expect a new round of growth from the main cryptocurrency. The boldest forecasts suggest a rise in the crypto asset to $50,000 – $60,000 by the end of this year. However, the most likely scenario is a price fluctuation in the range of $30,000 – $35,000 for several weeks, and then a decline to $27,000 – $25,000 and another rebound to $30,000. In the future, experts expect a sideways movement, and then an increase to $40,000, leading to a new peak of $60,000. Analysts believe that such a plan can be implemented by December 2021. However, some market participants expect an update of the historical record of the BTC to an impressive $80,000, which is possible no earlier than 2022.

Experts summarize that Bitcoin will catch up in the mid-term and long-term planning ranges and may rise again.