Bitcoin retains the potential for further growth, however, in order to confirm a new long-term upward trend, the cryptocurrency needs to gain a foothold above the $68-70 thousand mark. Kirill Komalenkov, Director of Strategic Communications at Bitbanker, told Izvestia about this on July 24.
According to the expert, the nearest support zone for bitcoin remains the range of $64.8–65 thousand. As long as the value of the asset is above this level, there is a possibility of a new growth attempt. In case of positive dynamics, the market may retest the $66-66.8 thousand mark.
If bitcoin manages to confidently overcome this range with increased trading volumes, the next target will be the level of $ 68-70 thousand. Komalenkov considers this zone to be the key for further market movement.
At the same time, if buyers fail to gain a foothold above $66-66.8 thousand, the most likely scenario will be a continuation of the sideways movement with a gradual decrease in value. In this case, the price may return to the level of $ 64 thousand, and then fall into the range of $ 63-63.5 thousand.
“The digital currency market looks stronger now than it did at the beginning of the month. After bitcoin rebounded from the $57.8 thousand mark, a series of higher lows formed, and the long—term moving average remains stable for now,” the expert said.
However, according to Komalenkov, the current growth is not enough to confirm the beginning of a new long-term “bullish” cycle. To do this, the cryptocurrency needs not only to rise above $ 68-70 thousand, but also to maintain this level.
In the baseline scenario of market development, the expert expects the price to remain above $ 64.8–65 thousand, followed by an attempt to grow to $ 66-66.8 thousand. A breakdown of the $66.8 thousand level may open the way to the range of $68-70 thousand, and a refusal to move further upward may lead to a return to the levels of $64 thousand and $63-63.5 thousand.
At the same time, the $68-70 thousand zone remains the main level for assessing further dynamics. If signs of a reversal appear in this range, there remains the possibility of a deeper correction to the area of $ 45-50 thousand, which the expert considers as a potential zone for the formation of a long-term bottom.
Komalenkov stressed that the current market situation is more consistent with recovery after a strong correction, rather than the confirmed beginning of a new growth period.
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, the deputy minister clarified that a limit of 300 thousand rubles per year through one intermediary was proposed for non-shareholders.