Cryptocurrency trader and expert Joe Bargain predicted the further movement of the Bitcoin (BTC) rate. The analyst said: market participants should not flatter themselves that the cost of digital gold has risen from $18,000 to $21,500 in recent days. According to him, the flagship virtual currency will be volatile in the near future.
Bargain assured: due to the economic situation in the world, it is impossible to talk about the further growth of the bitcoin (BTC) rate. The Federal Reserve System (FRS) promoted a tough policy and this cannot but affect both the traditional market and the cryptocurrency one. According to his assumptions, in the coming months, the cost of Bitcoin will systematically fall.
Bargain noted that, according to his long-term forecast, the BTC rate will drop to $10,000. The local price bottom will be reached in the spring of 2023. After that, the first cryptocurrency will start trading sideways for a long time. The key to the movement of the value of the virtual coin will be the next halving, which will take place only in 2 years, in the spring and summer of 2024.
The expert said: much will depend on the situation with the coronavirus and the economic consequences of the pandemic around the world. He stressed that it had a negative impact on financial markets, while at the same time contributing to the acceleration of technological progress, which helped blockchain developers and the crypto market. In addition, according to him, the result of the Fed’s actions regarding the inflation rate in the US will play a key role.