April 25, 2024

Bloomberg crypto index talks about upcoming Bitcoin growth

Bloomberg crypto index talks about upcoming Bitcoin growth

The Galaxy Crypto Index, developed by Bloomberg, signals a good time to invest in Bitcoin andcryptocurrencies, said agency analyst Vildan Hayrik. In his opinion, the main reason for the rapid increase in the value of digital money is that they are oversold, writes RBC Crypto.

Khayrik noted that the cryptocurrency market has begunto stabilize after the sharp fluctuations in the Bitcoin exchange rate that occurred in October-November of this year. The rise in the value of the first cryptocurrency to $ 10,000 and its further decline were speculatively caused by the speech of Chinese President Xi Jinping, who supported the development of blockchain technology, the analyst stressed.

In favor of rising Bitcoin pricesThe founder of the Tradeunity platform, Dmitry Lavrov, also spoke out. He noted that the rate of the first cryptocurrency broke through the downward trend line. This indicates the possible beginning of an asset price growth phase, the trader explained.

He added that the likelihood of a decrease in the value of Bitcoin to $ 6000-6500 can also not be ruled out. But if this happens, investors will be able to buy the asset at a more favorable price, said Lavrov.

Also, expert at the Amsterdam Stock ExchangeMichael van de Poppe suggested that the Bitcoin exchange rate would rise to $ 7,800-8,000 within a week. An analyst of the Cryptopotato portal agreed with this forecast and added that the first cryptocurrency will go into the growth phase if its price overcomes the resistance level of $ 8300.

At the moment, Bitcoin is trading at around $ 7,280, its rate remains 2% lower than yesterday. During the day, the volume of trading in coins decreased by 4% and now amounts to $ 25.3 billion.