The cost of bitcoin exceeded $44 thousand and can rise to $72 thousand
The first cryptocurrency went up since last week, adding 20%. Today, its value has reached 44 thousand rubles.
According to analysts, the reason for the growth lies in the improvement of the macroeconomic situation. A couple of months ago there was a panic due to Covid-19 restrictions, but now it seems that it was so far away.
The war between Ukraine and Russia, which has been all over the news for the last month, did not cause a deep economic depression. On a global scale, this conflict has had a narrowly targeted effect. Western countries reacted as experts expected. And the crypto market develops according to its own rules.
For digital assets, the US President's stimulus plan, which plans to spend $1.5 trillion to revive the economy, is also a plus. This factor also had a positive impact on the traditional finance market. Many securities traded on the Nasdaq rose 1%.
Based on this, many analysts predict that the price of BTC will continue to rise and reach $72,000 in the middle of this summer. This can be predicted by the fact that bull traders managed to force bitcoin to overcome the critical $44,000 mark.
According to CoinMarketCap, the price of bitcoin today was $44,117. However, in the short term, there is a possibility that the price on the chart will deviate below this level. This means that now we can talk about a short-term breakthrough.
According to analysts, the price of the first cryptocurrency has been consolidating at the macro level for a long time.
Bitcoin is currently accumulating profits to reinforce the uptrend. However, until the asset crosses the $45,000 line, there is no need to talk about the stability of the uptrend.
At the same time, relying on the dominance of bitcoin in the crypto market, we can assume that a new price high will soon be set.
Pattern on #Bitcoin dominance chart looks similar to that in inverted chart of #Bitcoin. Comparing fibonacci relations between both, BTC new ATH will be made at -0.07 fib (72k).— Hamza (@Itsdehamza) March 23, 2022
According to the topology, BTC will hit new ATH in July or August. pic.twitter.com/WBel9pHnCW
This can be seen on the chart of the cryptocurrency, which could reach $72k by August. If the digital asset fails to break above $44.5k and the pressure of bear traders intensifies, then BTC will trade in the range between $38k-$42k.
If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - BINANCE
CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.