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Bitcoin could still resume growth

After reaching the important mark of $50,000, bitcoin rolled back down. Consolidation at the support level of 48,178.13 looked good, until its breakdown was outlined today. It is still unclear whether it will be true or false. When returning to the 44,807.24 - 48,178.13 corridor, the price of BTC/USD may fall down to its lower border.

But looking at the chart, you can clearly see that there is no euphoria in the market. Volatility has slowed down, although bitcoin has moved into the important range of 41,980.24 - 64,883.36. The target near the all-time high remains relevant. But the term of its achievement, although we do not predict, will probably be delayed.

The fact is that retail investors do not yet show an active interest in the main cryptocurrency. Statistics from Google Trends show that bitcoin is not as popular as in January-February and in May. There is no euphoria in the market.

Meanwhile, Galaxy Digital CEO Mike Novogratz notes that strong growth will likely occur in the fourth quarter.

And now the investor and well-known crypto advocate believes that the main cryptocurrency has been pushed up by news from large retailers. In recent weeks, it has become known that Walmart and Amazon are interested in the cryptocurrency space. They posted vacancies to find crypto engineers and heads of crypto assets departments. And while there were no explicit statements that companies are already ready to connect cryptocurrency transactions, Novogratz saw this as a clear sign that Amazon and Walmart are declaring their firm intention to be part of the cryptocurrency trend.

Further news from large companies that Visa has bought CryptoPunk NFT is confirmation that these global companies intend to make digital assets a significant part of their business.

Novogratz believes that much of the financial structure will be rebuilt on a blockchain basis, which is a vast prospect for digital currencies.

But the cryptocurrency cannot grow forever, and now it is likely to stabilize and begin to consolidate. But in the fourth quarter, bitcoin and other crypto assets, according to Novogratz, will resume growth.

Well, technically, this scenario is quite logical. The range 44,807.24 - 48,178.13 worked in the first half of August. Now, the consolidation is likely to continue higher, in the new corridor 48,178.13 - 52,000.18. Or the price will return to the previous one. If things go on like this, there are still one or two milestones on the way to the all-time high above $52,000 per coin.

But sideways and calm technical trades are not bad at all. Rather, on the contrary, they are very convenient for speculative traders for cautious trading with short runs. Or for a step-by-step safe recruitment of a position.


The material has been provided by InstaForex Company -