Correction, recovery or accumulation. Three opinions about the future of Bitcoin
Will the first cryptocurrency be able to recover to $67 thousand next week and what can prevent the coin from updating the historical maximum?
This week, the price of bitcoin has been declining to a local minimum since mid-October at $57.8 thousand. As of October 31, the first cryptocurrency is trading at $61.3 thousand. Will the price drop continue in the coming days?
Lateral movement
Now bitcoin is in a small sideways movement, which will continue for the next few days. After that, bitcoin is able to return to growth and test the historical maximum in the region of $ 67 thousand. After that, a breakdown will occur, thanks to which the price of the first cryptocurrency will be able to reach $ 72 thousand. The next target after this growth will be $85 thousand.
Continuation of accumulation
The most likely scenario for the next week is the continuation of accumulation. The accumulation period will end after the first cryptocurrency is firmly fixed above $ 60 thousand.
In the most negative scenario, bitcoin can break through the support level around $ 58 thousand and drop to $54-55 thousand. In this case, sufficient interest from investors will help to win back the entire fall and bitcoin will continue the global "bullish" trend.
There will be no fall
In the near future, you should not expect a decrease in the price of bitcoin below $ 60 thousand.. The cryptocurrency is held at this level by a strong level of support. Next week, bitcoin will continue to recover to $67 thousand.