23.03.202113:10 Forex Analysis & Reviews: Experts expect a rough week for Bitcoin

On Tuesday morning, the price of the main digital asset declined by 8% and fluctuated around the $ 53,000 mark. Nevertheless, analysts are sure that Bitcoin's next drop will be temporary. In this case, we should not expect such periodic pullback for the whole week. The main cryptocurrency will balance growth and decline, which will continue in the coming weeks. So, its price is forecasted to be around the range of $ 56-60 thousand.

In addition, experts are optimistic with the short-term scenarios. According to forecasts, it is possible for the leading cryptocurrency to reach the level of $ 59,000 again. From this peak, it may approach a resistance that will be broken through by the end of the week. If this happens, Bitcoin's price will reach $ 60 thousand. There is even a high probability that it will manage to surpass its recent historical high. Analysts predict a new record of $ 62,000.

The recent research by Glassnode's analytical center also proves the continuation of the Bitcoin rally. Experts compared the supply of young coins (less than six months) at the previous and current highs of BTC. If earlier, the supply was about 50%, now the figure does not even reach 40%. This means that the asset still has the potential to move higher.

Aside from Bitcoin, other digital currencies that have the highest investment attractiveness will also show an upward trend in the near future. In recent times, traders have shown an increased interest in Cardano, which is strengthened by the coin's regular listing on stock exchanges. There are also other tokens that have the same starting point: Ethereum, Polkadot, Uniswap, and Binance Coin.