January 28, 2021

CEX.IO company blog | How long will the bitcoin rate fall?

Last week, bitcoin reached an all-time high of over $ 41,000. Since then, bitcoin has become become cheaper, at the moment the BTC rate isno more than $ 35,000. This situation is very similar to the story of 2017, when bitcoin suddenly began to rise sharply in price - then it rose to $ 20,000, and later began to fall in price.

Yuri Mazur, Head of Data Analysis Departmentinternational crypto broker CEX.IO Broker, shared with a journalist of the federal publication LIFE his opinion on what is the reason for the rapid fall of bitcoin, and how the situation will develop further.

The fall is associated with an extremely high rategrowth of bitcoin. Traders' fear of a correction gradually increased, and because of this, the demand for the asset decreased. On my chart, at 41,538 there was a resistance level, which eventually became a reason for a correction. First, the price moved into a sideways corridor between 39,000 and 41,400, and after breaking through its lower border, a panic sale of the asset began.

In the near future, the cryptocurrency rate will bebe at the level from $ 30,000 to $ 36,000. There is, however, the likelihood of further full-scale correction, and then bitcoin will drop to $ 18,000, after which a new wave of growth can be expected.

Read the full material here.

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