This week, the price of the main cryptocurrency fell to an 11-week low of $46,000. Will the fall continue in the next few days or will the cryptocurrency market begin to recover from the collapse?
Over the past seven days, bitcoin has fallen in price by 10% and is trading at $50,900 at 20:00, according to CoinGecko. This week, the value of the main cryptocurrency fell to an 11-week low of $46,000 after Tesla CEO Elon Musk announced that the company would temporarily suspend the sale of electric cars for bitcoins. Crypto experts gave a forecast on what’s happening in the cryptocurrency market over the next two days.
“There is a high risk of seeing a continued decline over the weekend.”
These days, the market remains under pressure from fundamental factors, which include statements made by Ilon Musk regarding cryptocurrency, as well as another round of information about the lawsuit by the U.S. authorities against Binance. The market is nervous and unstable, so any new negative information can lead to investors fixing positions and falling prices of digital assets.
In case the market will not be able to win back at least a half of the fall that happened during the week today, there is a high risk to see further decline at the weekend. The level of $40K acts as a medium-term bitcoin target, and the only question is, will the price go there from the current levels or at first it will locally grow to $55K, before developing further correction.
It is very risky to buy bitcoin at the current levels, so I’d recommend to wait for the end of the week to understand the further market trends.