Fall of BTC price has become a reason for additional investments in cryptocurrency from large investors.
For most of the cryptocurrencies from the top 10 of the CoinMarketCap resource capitalization rating, Tuesday began with a positive movement of bitcoin, which was trading at $ 10,293. The daily growth of the cryptocurrency was 1.38%. The best results of the positive movement in 24 hours were demonstrated by Bitcoin SV (+ 6.91%). Chainlink and Polkadot, started falling.
Not long ago the bitcoin rate was above the $ 12 K. Many members of the crypto community are still waiting for a positive movement from the cryptocurrency, against the background of the halving implemented in May. Meanwhile, investors continue to make forecasts for the further movement of BTC.
For example, Ki Young Ju, CEO of digital asset market data provider CryptoQuant, drew attention to the ratio of stablecoins to bitcoins on digital asset exchanges. The small volumes of BTC on trading platforms (in comparison with the indicators of the beginning of the year) in his opinion, indicate the prospects for a positive movement of the cryptocurrency rate.
The ratio of the number of BTC on digital asset exchanges, in relation to the price of the cryptocurrency
DonAlt, a popular trader among the crypto community members, in turn, paid attention to the technical analysis of the BTC chart. In his opinion, at the moment the cryptocurrency, in order to enter growth, needs to break through the level of $ 10,500.
Analyst Willie Wu also presented his vision of the bitcoin situation. The specialist drew attention to the fact that many market participants doubt the safety of hedging investment risks using cryptocurrency. At the same time, the “whales” – investors in whose account more than 1,000 BTC are stored – on the contrary, began to increase the volume of assets at the period of low BTC price.
The analyst drew attention to the fact that the positive movement began when the American regulators chose the quantitative easing policy. The latter implies the printing of additional lots of dollars with the subsequent artificial injection of bills into the market. An increase in the volume of currency may not negatively affect its value. The amount of BTC – on the contrary – is strictly limited. This provision protects bitcoin from inflation.
Netizens drew attention to the fact that previous halvings led the cryptocurrency to growth, after a while. If the scenario repeats, investors, according to a number of participants in the crypto community, will have to wait another 5-6 months. By this time, they believe, the digital asset will be able to return to a local maximum near $ 20,000.
We will remind, earlier investors came to the conclusion that bitcoin will be able to renew its value record no earlier than the second half of 2020.