Forecast: Significant growth in bitcoin by the end of the year

    Forecast: Significant growth in bitcoin by the end of the year

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    Bitcoin, the first cryptocurrency in terms of capitalization, is capable of renewing the level of the historical maximum and rise to $73-75 thousand by the end of the year, Akmal Nazirov, resident of the CSR expert club, told RIA Novosti.

    In May, the cryptocurrency fell sharply in price, fixing for a while near the mark of 30 thousand dollars. By the end of August, the threshold of 50 thousand dollars was passed, and now bitcoin is trading just below that mark.

    "The depth of the correction of 60% from the maximum price of $65,000 (April 14, 2021) has not prevented Bitcoin from recovering more than half of its fall in three months. The currency is now trading at $50,000. A strong signal for the cryptocurrency to continue climbing is the crossing of the global trend line (an element of thehanalysis - ed.), which will allow the price to go above its maximums," he believes.

    "Already this year, the value of the cryptocurrency can reach $73-75 thousand. It should be noted that in September the price opened above 45 thousand dollars, which indicates the predominant interest of the buyer," - adds the expert.

    In addition, there is a fundamental growth factor - the prospect of acceptance of Bitcoin in the Latin American countries, where there is increased interest from large investors and long-term holders. Another fundamental factor in the rise is the growth of U.S. technology indices, where Bitcoin begins to become a protective asset, Nazirov adds.

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