The expert warned of two scenarios for bitcoin after the market recovery

The bitcoin exchange rate may continue to rise in the coming days if buyers manage to consolidate the price above the $64 thousand mark. Kirill Komalenkov, Director of Strategic Communications at Bitbanker, told Izvestia on July 10.

According to him, while maintaining a high trading volume, the market is able to rise to the range of $65.5–66 thousand in the short term. If the attempt to gain a foothold above the resistance turns out to be unsuccessful, the most likely scenario will be a correction to $ 61-62 thousand. At the same time, the expert emphasizes that such a pullback will not mean a trend change yet, but will become part of a local upward movement.

In the medium term, market estimates remain subdued. As Komalenkov noted, from the point of view of technical analysis, the situation is gradually improving, but it is premature to talk about the beginning of a new long-term "bullish" cycle.

"Recovery from a severe fall in itself does not mean a change in the global trend," the expert explained.

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The base scenario, according to him, still assumes the possibility of growth of the first cryptocurrency to $68-70 thousand, especially if buyers can confidently gain a foothold above the current resistance level. However, the expert considers this range to be a strong supply area where sellers can seize the initiative again.

If selling pressure increases, the market may face a new wave of decline. In this case, Komalenkov calls the range of $ 45-50 thousand a potential zone for the formation of a long-term bottom.

At the same time, the expert stressed that such a development is only one of the possible scenarios. According to him, in order to confirm the downward reversal, bitcoin first needs to lose support around $ 62-63 thousand. Only then will it be possible to talk about an increased likelihood of a deeper decline.

Deputy Finance Minister Ivan Chebeskov announced on June 16 that unqualified investors in Russia will soon be able to legally buy bitcoin, ether and popular stablecoins. After almost 10 years of discussions and disputes, including the idea of a total ban, the authorities are moving to comprehensive regulation of the cryptocurrency market.