Bitcoin made an attempt to gain a foothold above $50 thousand, but the coin failed to do this. Experts explained whether the main cryptocurrency will be able to overcome this level and gave a forecast for altcoins
This week, bitcoin managed to overcome the $50 thousand mark, but the coin could not gain a foothold above this level. As of 9: 00 Moscow time on August 29, the cost of the main cryptocurrency is $48.2 thousand. The capitalization of bitcoin has exceeded $907 billion. Experts of RBC-Crypto predicted whether bitcoin will be able to gain a foothold above $50 thousand in the coming days.
Weak market dynamics
At the moment, the bitcoin exchange rate has rested in the range of $48-50 thousand, says Sergey Zhdanov, CEO of the EXMO crypto exchange. According to him, the main cryptocurrency ended the fifth week in a row with growth, despite the decline after trying to gain a foothold above $50 thousand.
“The first cryptocurrency is trying to approach the level of $50 thousand and even overcome it, we are seeing a local correction and a sideways movement. The overall dynamics of the market is now quite weak, ” the expert noted.
According to Zhdanov, in the near future, the price of bitcoin will decrease to $47 thousand, but the coin still has the prospect of growth to $60 thousand. At the moment, the most promising altcoins are those that are growing thanks to their own news: Ethereum (ETH), Cardano (ADA) and Solana (SOL), Zhdanov added.
Next week, high volatility is expected in the market, and bitcoin will be in the range of $44-50 thousand, a senior analyst predicted Bestchange.ru Nikita Zuborev. He admitted that the main cryptocurrency may attempt to gain a foothold above $50 thousand, but the coin is unlikely to succeed in the near future.
Even in the case of the implementation of the most positive scenario and the consolidation of bitcoin above $50 thousand, you should not expect a rapid growth of altcoins, the analyst believes. In his opinion, bitcoin will remain the main driver of market growth at least until the end of the year. Alternative tokens will be able to resume growth only against the background of extremely positive investor sentiment and a stable bitcoin price, Zuborev claims.
“The situation does not have a multiple growth of altcoins, in the coming weeks or even months they will repeat the trends of bitcoin with a slightly larger amplitude,” the analyst explained.