Mid this week, the cryptocurrency market is showing positive correction after the rapid collapse, on Monday if bitcoin was trading at $3 600 (setting a new yearly low), then in the world’s first cryptocurrency soared above $4 300. The experts warn that the growth of cryptocurrencies, which we have seen since the middle of the week is not a sign of recovery.
According to the Vice-President, development of security technology of the Russian Association of kryptonyte and blockchain (RAKIB) Alexander Brazhnikova, the recent collapse is to blame unqualified investors. However, in the event there is a positive side.
“Due to the falling exchange rate of the cryptocurrency is that the market got rid of unqualified investors who followed panic. The market remained mostly the major players. They have strategic plans, and, accordingly, they are interested in restoring the situation in the future. It can be assumed that the positive trend will be fixed in the medium term,” said Brazhnikov
The head of the Expert Council on digital economy and blockchain technologies at the state Duma of the Russian Federation Artem Koltsov in turn, sees no reason for the resumption of the bull market. Partial recovery of bitcoins — this is normal after a serious fall rate correction, which happens all the time, after each collapse.
“Unfortunately, over the past few weeks the credibility of the cryptocurrency has dropped even more. It will take time and fundamental changes in the market that the interest began to recover. In addition, the fluctuations can be a particular manipulation. To raise the bitcoin to 10%, in this situation, large capital is not needed. Perhaps a certain group of people affect the course to people in the hope of raising began to purchase bitcoin. Newcomers to the market may follow this trend. However, I repeat: events that indicate a turn, no. Moreover, I think that bitcoin will fall even lower than before rapid recovery,” he explained.
According to the analyst of the company “Finist” Alexander Ageeva, to the end of the year bitcoin will fluctuate at the level of $3 000–$4 500, and the next year promises to be more positive for the market.