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Experts have assessed the probability of bitcoin price decline by the end of August
There are no reasons for a serious decline in bitcoin at the moment, by the end of August its price could rise to $45-50 thousand according to trendcoin.ru.
"I believe that by the end of August bitcoin has two ways - either to stay at the current level around $35,000-40000 or to overcome $40,000 and reach $45,000. I see no reason for bitcoin to go back down to $30,000 or lower. As the last week has shown, market participants are already tired of stagnation and the negative news from China about the mining ban has already been recouped by the market," said EMCD CEO and founder Michael Jerlis.
Which scenario unfolds depends on several factors - in particular, the relocation of Chinese miners and the rhetoric of the US authorities on crypto regulation. "Since many mining farms are relocated to the US, and because most trading activity and investment also comes from US investors, the decisions of US authorities will have a major impact on the situation in the crypto market," the expert added.
Director of cryptocurrency service Alfacash Nikita Soshnikov notes positive sentiment in the crypto market and also believes a serious decline in the near future is unlikely "But it all depends very much on the information field. The most disturbing factor that could undermine the current positive trend, I believe, is the possible tightening of crypto regulation in the U.S., which is largely guided by the EU, Canada, and the rest of the world, as the hands of American regulators reach into all crypto projects, even those that seemingly have nothing much to do with the United States," he says.
According to Soshnikov, tighter crypto regulation could lead to a sell-off. "But then again - bitcoin's supranational nature will not allow it to collapse to zero or disappear, and large investors and those who have been in this market for a long time and have experienced more than one âcryptowinterâ are likely to use the decline to increase their positions in this asset. This in turn will keep the bitcoin exchange rate from a serious drawdown," the expert continued.
"By the end of August, I expect bitcoin to spurt and consolidate above $40,000. Local spurts to $50,000 are possible, but it is unlikely that bitcoin will be able to gain a foothold around that mark. Most likely, these will be short-term rate spikes. A new bullish cycle is possible in autumn after the market recovers from the Chinese ban," Soshnikov concluded.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.