A significant decrease in the value of bitcoin after reaching a historical maximum is associated with a correction, said independent expert Mansur Huseynov.
Last week Bitcoin set a price record at $ 41,057. However, over the weekend, the cryptocurrency rate has noticeably corrected, dropping first below 37 thousand dollars, and then to 32.5 thousand.
Bitcoin has already lost 22% relative to the maximum, Guseinov notes. According to him, after doubling in one month, the decline in the value of bitcoin does not look dramatic.
“The growth has been going on for more than 300 days, there has been no correction by more than 20% since March 2020, although in 2017 there were more than three times a decrease by 30-40%,” the expert quotes RIA Novosti.
As Huseynov added, there is a possibility that the cryptocurrency market has reached its peak. If bitcoin is at the current level by the end of January, then the probability of the end of its growth cycle will increase. At the same time, promises of new incentives for the economies of leading countries and the successful vaccination of the population against COVID-19 will play in favor of the cryptocurrency market, the expert emphasized.
Cryptocurrency specialist Evgeny Kaminsky earlier in an interview with FAN revealed the reasons for the record growth in the bitcoin rate in early 2021. He also gave predictions about a possible collapse of the most popular cryptocurrency in the world. The latest drop in the value of bitcoin was almost 12%, writes “Federal Press”.