Expert predicts bitcoin to return above $50,000
The value of the first cryptocurrency may return to growth in the near future, technical analysis of its chart indicates.
A small bullish wedge has formed on the chart of bitcoin rate, which may indicate a soon rise in the cryptocurrency price, told Crypto CEO. According to him, such a figure has previously worked out successfully, which may indicate a likely repeat of such a scenario. The expert noted that bitcoin's targets may now be above $50,000, and ideally at $51-52,000.
As of August 26, 14:30 Moscow time, the bitcoin exchange rate is $47.1 thousand. Over the past 24 hours, the cryptocurrency has fallen in price by 0.5%. Its quotations are declining after three days ago they failed to consolidate above the important mark of $50,000.
Earlier, John Bollinger, a well-known analyst and creator of the Bollinger Lines indicator, warned cryptocurrency holders that they should keep a close eye on quotations. The trader advised long-term investors to hedge and lock in some profits, and also said that a possible further decline in bitcoin price can be used to buy more of it.
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