02.12.2021

Bitcoin: downward correction likely in late October-early November

The value of any asset is determined by the demand for it from investors. It is significant that the rest of the cryptocurrencies – ether, ripple – actually stand still.

But what is important is that the growth of bitcoin is going on in increased volumes, the presence of large buyers is noticeable on crypto exchanges. Before the hard fork on October 25, someone is actively buying.

The benefits are clear: after the “split”, holders of classic bitcoin will receive additional Bitcoin Gold tokens, provided they have private keys from electronic wallets. A similar situation was on August 1, when the owners of bitcoin received Bitcoin Cash in the appendage, which a month ago costs $ 530, and now costs $ 325. Crypto investors no longer remember the ban on ICOs and the closure of exchanges in China, trading volumes have flowed to crypto exchanges in Japan and Korea.

What to expect from the bitcoin rate next? The key date seems to be October 25 – the moment of the bitcoin hard fork. In my opinion, the following scenario is possible. A small rollback down in the coming days – some investors will fix their profits at current levels.

In the future, another wave of growth is likely with the renewal of the highs, while the target may be the level of $ 6 thousand per bitcoin, and maybe even higher.

In late October – early November, there is a high probability of a downward correction. There will be a lot of people on the market who want to sell, so the movement can be sharp. So far, any strong decline has been quickly redeemed, such as the drawdown to $ 3,000 in mid-September. In the long term, the position of the regulatory bodies of the largest countries in the world is decisive for the bitcoin rate.

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