The expert predicted the possible growth of bitcoin to $ 77 thousand.

By the end of the week, bitcoin may approach $ 77 thousand, and in the future — to around $ 83 thousand. Alexander Baryshnikov, the manager of the Mining fund of the Record Capital Management Company, told Izvestia on March 16.

"Bitcoin enters the week with a strong card. After a 10% increase last week and a steady hold above $70,000, the market has done the most important thing — it has proved that it can grow in an environment where traditional assets are falling. The discrepancy with the S&P 500 index on Thursday was an unambiguous signal: some of the capital is rethinking the role of bitcoin in the portfolio," the expert said.

According to him, the soft rhetoric of the regulator could support the cryptocurrency market, but the likelihood of such a scenario is decreasing against the background of high oil prices, where Brent crude oil quotes exceed $ 100 per barrel.

At the same time, according to Baryshnikov, even harsh signals from the regulator can have only a limited impact on bitcoin. After falling by about 52% from the historical maximum to about $ 60 thousand, investors became less sensitive to negative news.

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The expert noted that the key technical level remains resistance around $74,050. Its confident breakdown may pave the way for further growth.

"Consolidation above this level can trigger movement to the range of $ 76-77 thousand, and later to around $ 83 thousand," Baryshnikov believes.

The institutional demand provides additional support to the cryptocurrency market. According to the expert, inflows of funds into cryptocurrency ETFs have remained positive for the second week in a row, and the withdrawal of coins from exchanges indicates the accumulation of assets by investors.

In the baseline scenario, the analyst expects bitcoin to rise to $76.5–77.2 thousand by the end of the week with neutral or moderately soft Fed rhetoric. He called the main risk a possible return of quotations below $ 70 thousand in the event of an unexpectedly tough position of the regulator or increased geopolitical tensions.

Alexander Baryshnikov, manager of the Mining fund at Record Capital Management Company, told Izvestia on March 2 that Iran's attacks on American bases in the Middle East had increased uncertainty and put pressure on risky assets. Stock index futures lost more than 1%, and investors began actively redistributing funds into defensive instruments, including gold and oil. Bitcoin ended the week down just 2.76%.

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