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What is happening with Bitcoin and what are expert opinions and predictions?

Bitcoin price prediction remains bullish

20.Oct.21 8:02 AM
By Abigail Richards
Photo Shutterstock


What is happening with Bitcoin and what are expert opinions and predictions?
After a local correction over the last weekend, the bitcoin exchange rate resumed moving northward. Earlier today, the main cryptocurrency updated the April highs directly below the mark of 64 thousand dollars, after which it adjusted to the area of 62 thousand, remaining in the black on the daily charts. Record levels near 65 thousand. it is getting closer, and attempts to reduce attract buyers, and this indicates the prospects for a continuation of the bullish scenario.

A good help for the digital asset market was the decision of the US Securities and Exchange Commission (SEC) to approve the Bitcoin Strategy ETF from ProShares. The first US ETF based on bitcoin futures starts trading on the Chicago Mercantile Exchange today. Such a verdict was perceived by market participants as a prerequisite for subsequent similar decisions on other funds, which implies further popularization of cryptocurrencies and expansion of the scale of their adoption, including at the investment level. The ETFs do not directly influence demand for bitcoin.

Bitcoin price prediction: correction after ATH?

Now, when bitcoin is two steps away from a historical record (ATH), market participants are wondering whether the market will collapse if the highs are updated? Such a scenario is quite possible, because being unsure of the continuation of the rally, some investors may lock in profits at favorable levels, which will entail the mass liquidation of long positions, which will be accompanied by a drop in the exchange rate of the coin. However, it is too early to talk about the scale of a potential correction - first you need to wait for the quotes to rise to the coveted level.

Bitcoin price prediction for the rest of the year

At the same time, in the long term, the forecast remains favorable largely due to the continued growth of interest from institutional investors. In the near future, it is important for prices to stay above the level of 59 thousand dollars in order to maintain a fighting spirit until the end of the day.

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