Bitcoin overcame, and most importantly, fixed at $50,000, hinting to investors that this is far from the limit. However, experts are not inclined to rush to buy digital money at the current rate – there is a danger that all confidence in the rise will melt away.
throwing the market into the “red zone” for a long time.
This is a good sign for the market – digital money is growing in price, so you can count on the continuation of the uptrend. And just in such a state he came after a strong growth in assets in August.
In early September, the share of altcoins increased to 33%, despite the fact that a month ago it did not exceed 22%. In terms of its value, the indicator is actually equal to May, when the crypto market collapsed.
The recovery of bitcoin to $50,000 in September became possible due to the accumulation of coins by the largest players.
which was reflected in the blockchain statistics. It was these actions that were able to absorb the sales of retail investors in May-June, who took excessive risk on derivatives and were forced to go through painful liquidations against the backdrop of pressure from the Chinese authorities and fearful tightening of the rhetoric of US financial regulators.
Ru, by the end of July, these sales had come to naught, which changed the trend from downward to upward.
They may be driven to this by the expectation of an increase in the audience of cryptocurrency users and / or distrust in the traditional financial system,” Aaron Chomsky shared.
In August, among the drivers of growth were expectations for the approval of Bitcoin-ETF in the United States after clarifying the position of the SEC in this regard, Elon electric vehicles for bitcoins, boom Defib and NFT, as well as the London hard fork on the Ethereum network.
According to Chomsky, support all this time was provided by favorable sentiment in the US stock market, with which the cryptocurrency market has increased correlation. However, for further advancement, it is necessary to secure Bitcoin above the psychological mark of $50,000.
“This will be possible on the condition of disappointing data on the US labor market, which may postpone the process of the Fed exiting the ultra-soft monetary policy regime until next year. Otherwise, it will be difficult for crypto investors at the current stage to decide on fixing above $50,000, which will open the way to a historical maximum,” the expert said.
In turn, Ruslan Ismailia, investment adviser to PFO Holding, believes that the observed growth in the cryptocurrency market is quite a market and expected phenomenon.
“After the May fall, the market was in shock until August, bitcoin traded between $28-40 thousand. This is due to the fact that optimism appeared on the market and there is no negative background.
Companies also continue to actively buy and form portfolios with cryptocurrencies, which is a positive trend for growth. However, the breakdown of the $50,000 level does not mean that there will be a long-term steady growth. But so far, new users have also begun to show interest in cryptocurrency, which is a good signal for the market.
This has a good effect on the industry as a whole,” said the investment adviser of PFO Holding.
Alexander Khvoinitsky, Marketing Director of the p2p cryptocurrency platform Chatted, emphasized that the market is growing, firstly, due to stimulus measures in the United States, which weaken the dollar, which is why investors shift to other instruments with higher returns, and bitcoin is just one of them.
A powerful trigger for growth could be the emergence of cryptocurrency payments on Twitter,” he said.
According to him, the altcoin season has now begun. And infrastructure projects are becoming the most popular.
New trends for the market
In autumn, cryptocurrency market participants will follow the American macro statistics. It will allow you to understand how much the spread of the delta strain has affected business and consumer sentiment, how much progress has slowed in the labor market in the context of continued high inflation, ICB Fund’s Chomsky believes.
which will activate significant updates to Taproot and Schnarr signatures. In the latter, with the activation of the Alonzo hard fork, a new Cardanol player, the third largest cryptocurrency by capitalization, will appear,” Chomsky said.
After Fed Chair Powell and his colleagues spoke at the Jackson Hole symposium, it became clear that the nature of the employment data would be crucial in determining the start of tapering. The rate of decrease in the purchase of assets and the current situation in the global economy will determine the depth and nature of a possible correction in the financial markets.
which will also affect the cryptocurrency market. In this case, bitcoin may return to $40-42 thousand during the fall, and then a return to $50 thousand will already be possible. If the data on the labor market turn out to be noticeably weaker than forecasts, then the period of high risk appetite will continue, as investors will discount in quotes scenario for transferring tapering to the next year. In this case, bitcoin will overcome $50,000 and take the historical maximum on the approaches to $65,000 as a benchmark.