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The expert allowed a decrease in bitcoin to $ 55 thousand.

Baryshnikov: bitcoin may go to $55 thousand with rising inflation in the United States
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Photo: IZVESTIA/Sergey Lantyukhov
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Bitcoin may fall to around $55,000 amid high inflation in the United States and increased pressure on risky assets. Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia on February 25.

According to him, the first cryptocurrency found support around $62,510, where buyers were able to stop the decline. An additional factor was the rebound of American stock indexes, which allowed bitcoin to return to the level of $ 65 thousand. However, the market situation remains uncertain.

"Bitcoin has been trading in a 20% sideways range for 20 days now. The three main factors determining the mood in the digital currency market are the head of the White House, Donald Trump, the dynamics of US stock indices and waves of liquidation of long positions. After a series of massive forced closures, buyers have noticeably weakened, and now any drawdown turns out to be sharp and deep against the background of weak buyer positions," the expert explained.

According to him, market participants are focusing on data on manufacturing inflation (PPI) and speeches by representatives of the US Federal Reserve. If inflation turns out to be higher than expected, the dollar may strengthen, and pressure on cryptocurrencies will increase. In this case, according to Baryshnikov, there is a high probability of quotes leaving below $ 60 thousand, followed by a move to $ 55 thousand.

At the same time, the expert stressed that the current decline cannot be considered a disaster. Since October last year, the market has adjusted by about 50% from the historical maximum, which fits into the cyclical nature of the crypto market. According to him, when returning to the level of $ 68,300, the sideways dynamics may persist until April, and then a trend change and movement to the levels of $78-79 thousand is possible.

Alexander Schneiderman, head of Alfa-Forex's customer support and Sales department, told Izvestia on February 19 that the cryptocurrency market entered a consolidation phase on February 19 after the publication of the strict protocol of the US Federal Reserve System (FRS). The intermediate support is located at $65,125, and holding it is critically important to maintain the sideways trend that has formed after the rebound from the $60,000 mark. The loss of this zone may pave the way for a deeper correction below the $60k level.

All important news is on the Izvestia channel in the MAX messenger.

Переведено сервисом «Яндекс Переводчик»

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