Matrixport analysts predict bitcoin’s fall in the coming days

According to a recent report by Matrixport, the BTC $56,555.25 Bitcoin -2.97% Market capitalization $1.12 trillion VOL. 24 hours $4.65 billion rate may start to fall. The analysts said they are still optimistic about the global future of the digital coin. However, risk analysis suggests that a period of consolidation will soon begin.

According to experts, the virtual coin’s quotes may be adjusted and the next stage of accumulation will come. «This bull market still has legs, but the divergence between the declining RSI and high BTC prices may signal that bitcoin needs to consolidate before it starts to rise again,» Matrixport emphasized.

Experienced analyst Michael van de Poppe would partially agree with the opinion of Matrixport experts. The expert identified three potential scenarios for the medium-term future of bitcoin. One of them is a correction phase. If that happens, De Poppe suggests $ 52,000 and $ 45,000 as potential support levels for bitcoin, areas where the price could find buyers and bounce back.

Coinbase analysts also stated that the growth of the cryptocurrency market is limited by macroeconomic and technical factors. In its report, Coinbase noted that the decline in cash reserves of fund managers, as well as portfolio rebalancing at the end of the quarter, could limit liquidity in the market. Another factor limiting the further growth of the BTC may be the curtailment of the US Federal Reserve’s bank support program.

As a reminder, the flagship cryptocurrency reached an all-time high of $ 72,000 after a record week of investment inflows into cryptocurrency exchange products. In just the last 30 days, bitcoin has risen in price by more than 50%, and its capitalization has exceeded $ 1.38 trillion. The cryptocurrency market as a whole also continues to grow rapidly.