Cryptocurrency Analysis

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Turbulence behind: what awaits bitcoin in the near future

For the first time since February 22, the value of Bitcoin has reached $54,000. Despite its price growth for several weeks, market participants are still looking towards the digital asset with apprehension. This is due to the high volatility, which provides a very painful fall for the cryptocurrency for traders. However, such a dynamic could not be observed all the time, and it seems that Bitcoin has finally broken out of the vicious circle.

The price correction is starting to weaken, and the main cryptocurrencies are slowly creeping up. Bitcoin has especially succeeded in this regard because the information agenda foreshadowed the active growth of the coin a week ago. However, in late February and early March, even positive news could not stop the price adjustment, which upset bitcoin's performance by several thousand. As of March 9, it is safe to say that positive changes have indeed taken place and the market has settled down.

First of all, looking at the charts, it becomes obvious that the situational volatility of the cryptocurrency has decreased. For the first time in two weeks, Bitcoin climbed to the mark of $54,000, although it dropped to a price of $53,700. The digital asset has shown a resilience that hasn't been seen in the past few weeks. Recall that the most painful drop by $4,000 occurred after Bitcoin returned to the level of $50,000. The situation has completely changed, and the main cryptocurrency is confidently holding its value at $54,000, which indicates preparation for further growth.



Also, the stabilization of the change in the price of bitcoin was influenced by positive news, including another investment from MicroStrategy. From February 28 to March 9, the value of the cryptocurrency increased by 27%, which was facilitated by positive statements in the media, investment influences, and the general development of the digital asset market (NFTs, hello). The conclusions made during the price correction are also important factors that will accelerate the growth of the quotes of the main crypto asset.

Large investors have become convinced of the predictability of Bitcoin, which makes it a more understandable and attractive investment component. Also, the main crypto asset showed that its growth is not the result of the abnormal activity of large investors who followed Tesla's example. This spring, the cost of bitcoin quotes may already reach $70,000 against the backdrop of numerous investment injections, positive news, as well as the general popularization of digital means of payment. Moreover, by the end of this year, in the absence of force majeure and other exceptional negative circumstances, Bitcoin may well cost more than $100,000.




Artem Petrenko
Analytical expert
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