What will happen to the price of bitcoin in the near future? Expert opinions

Yesterday, November 17, the price of Bitcoin dropped to a two-week local low of $58.3 thousand. This happened afterтого, как 10 ноября первая криптовалюта установила исторический максимум на уровне $69 тыс.

Today, November 18, BTC is trading at $59 thousand. RBC-Crypto experts explained what is happening in the crypto market and whether it is worth buying Bitcoin now.

Why did the bitcoin price drop?

Cryptocurrency market quotes fell amid news aboutthe signing of the infrastructure plan by the President of the United States Joe Biden, the head of the analytical department of AMarkets Artem Deev is sure. According to him, this law actually equated digital assets to cash and obliged brokers and operators to report to the tax service on all cryptocurrency transactions worth more than $ 10 thousand.

“The reporting will need to indicate information onthe sender of digital assets, and those who fail to do so will be considered lawbreakers. Of course, such news could not but lead to negative investors - as a result, sales began on the market ”, - explained the analyst.

According to Deev, a negative reaction was observed inmainly from retail investors, and institutions continue to maintain positions in the cryptocurrency. Given the fact that the law itself will enter into force only in 2024, we can talk about a temporary correction in the digital asset market, the analyst noted.

The market is correcting, what will happen next?

The current decline in bitcoin to $ 58.3 thousandis a correction relative to the growth of recent weeks, said leading analyst at 8848 Invest Viktor Pershikov. According to him, many market participants take advantage of the situation and actively buy the first cryptocurrency on a drawdown, as indicated by various indicators.

"The decline in the price of the crypto market in recent days is due to the growth in sales of cryptocurrency by institutions, but there are currently no negative fundamental factors.", - explained the analyst.

According to Pershikov's forecast, the price of bitcoin within the framework of the current correction may decrease to $ 55 thousand, but by the end of the year there is a high probability of updating the historical maximum above $ 70 thousand.

Recent update of the bitcoin network along with growththe volume of purchases by institutions and the start of trading for the first bitcoin ETF in the United States outweigh the local negative, therefore, a significant drop in the crypto market is not expected in the coming months, Pershikov added.

November 14 in the network of the first cryptocurrencyThe Taproot update has been activated, which is aimed at improving the scalability, privacy and efficiency of the Bitcoin network. On October 19, the first US exchange-traded fund based on Bitcoin futures began trading on the New York Stock Exchange (NYSE). Two days after the start of trading, assets under management of ProShares' Bitcoin Strategy ETF (ticker BITO) exceeded $1 billion. The fund broke the record for growth rate to $1 billion, which stood for 18 years.

Bullish trend is strong

In general, the fundamental mood of the crypto marketnow very positive, says Crypterium co-founder Vladimir Gorbunov. According to him, it is too early to talk about the market's transition to a bearish phase at the moment.

"Even if today bitcoin fell to $ 45 thousand, it still has the potential for growth to a level of $ 100 thousand and more.", - the expert noted.

According to Gorbunov, in order to continue to grow inthere are many factors: a large number of investors enter the market, global players such as Visa and Mastercard are actively continuing to move towards cryptocurrencies and are adapting more and more new services from the classic infrastructure for the crypto market.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Huobi	https://huobi.com	7.4
3	Exmo	https://exmo.me	6.9
4	OKEx	https://okex.com	6.5
5	Bybit	https://bybit.com	6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Additional features and services— futures, options, staking, NFT marketplace.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• final grade– the average number of points for all indicators determines the place in the ranking.

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