The expert predicted the movement of bitcoin to $ 70 thousand by mid-August.

Bitcoin continues to recover from the recent decline and may try to reach the $70k mark in the near future. However, it is too early to talk about the full return of the cryptocurrency to sustainable growth. Kirill Komalenkov, Director of Strategic Communications at Bitbanker, told Izvestia about this on August 10.

According to the data for the first half of the day, bitcoin was trading around $65.2 thousand. For several weeks now, the main cryptocurrency has been in the range of $63-66 thousand. After a decline to the level of $ 57.8 thousand, the market was able to recoup some of the losses, but it has not yet been possible to gain a foothold above the resistance zone of $ 66-67 thousand.

"In the coming week, the main benchmark for bitcoin may be the range of $ 64-67.5 thousand. At the same time, further dynamics will depend on the behavior of buyers and sellers. If the price falls below $ 64 thousand, the pressure from sellers may increase, which can lead to a decrease in bitcoin to the region of $ 62-63 thousand," Komalenkov said.

If buyers remain active, the cryptocurrency may continue to move upward. In the case of a confident breakdown of the $ 67.5 thousand mark, the next targets may be the levels of $ 68-70 thousand.

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The expert noted that the $68-70 thousand zone remains a key resistance for bitcoin from the point of view of technical analysis. When these values are reached, it will be important to monitor the behavior of market participants: a change in the strategy of sellers can lead to massive profit-taking and provoke a sharp correction.

The baseline scenario remains moderately positive until mid-August. Komalenkov expects that bitcoin may try to enter the range of $ 67-70 thousand, but the current growth should still be considered as a recovery after a strong decline, and not as confirmation of a new "bullish" cycle.

According to the expert, a confident breakdown of the $70,000 level will be one of the main signals for a revision of expectations and a possible end to the "bearish" scenario in the cryptocurrency market.

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. In addition, he clarified that a limit of 300 thousand rubles per year through one intermediary was proposed for non-shareholders.