The experts have predicted a promising movement of the bitcoin exchange rate in December
They focused on favorable factors and noted what might prevent the asset's value from rising
01.12.2021 - 13:00
What’s new? The cryptocurrency experts have made predictions about further changes in the bitcoin exchange rate. During November, the asset fell in price by almost 8%, and a few days ago, the rate dropped to a local low of $53 000. After that, it showed active growth. According to the analysts, the situation may change in December.
What do the experts say? Sergey Zhdanov, CEO of the EXMO cryptocurrency exchange, believes that bitcoin may update its historical maximum before the end of the year. But the expert warned that the asset's growth may be in doubt given the events that have occurred. One of the main news that has already begun to negatively impact the cryptocurrency's exchange rate is the new strain of the Omicron coronavirus.
“From a fundamental point of view, bitcoin has potential, as evidenced by the data from Glassnode, the correction did not push long-term investors to massive sales. Over the last month, they got rid of only 0,7% of their 13,5 million BTC. This indicates the continued growth and activity of a large buyer,” the expert concluded.
What does the situation on the crypto market depend on? According to Anton Kravchenko, CEO of Xena Financial Systems, the developments in the cryptocurrency market will depend on the creation of a New Year rally by “whales.” He noted that one condition is important for this namely news of backing Bitcoin or Ethereum by a bank or large company.
“If there is no rally before the New Year, then the potential market growth is postponed to the second half of February and March after the Chinese New Year,” Kravchenko added.
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