FX.co ★ Bitcoin is steadily moving towards the goal of $12000

According to some experts, Bitcoin can demonstrate explosive growth soon. However, many of them do not agree with this forecast, believing that the No. 1 cryptocurrency is expected to be corrected and further reduced.

On Friday, August 9, the leading virtual currencies are getting cheaper, except for bitcoin, which shows a symbolic growth. The BTC price is consolidating in anticipation of the momentum for further movement. According to experts, the bitcoin exchange rate increased by 0.24% to $11898 per day. Analysts believe that the breakdown of the resistance level of $12800 will allow the No. 1 cryptocurrency to reach $13750. In the case of consolidation below the level of $11870, experts allow a drop to the level of $11100.

According to Dan McArdle, co-founder of the analytical company Messari, bitcoin can repeat the previous explosive growth. The expert draws an analogy with gold in 2008, when the quotes of precious metals soared to peak values in a short time. In the short term, bitcoin may fall, but then there will be a breakthrough to a new historical maximum, D. McArdle is sure. According to Mike McGlone, a strategy analyst at Bloomberg, the BTC has now entered a phase of long-term consolidation and may not grow even in 2020. However, in the long term, the digital asset will benefit from lower government bond yields and increased volatility in the global stock market, says McGlone. The analyst believes bitcoin is the best option for hedging risks.

Many experts believe that the No. 1 cryptocurrency has already gained the status of the most secure asset. Bitcoin has added to the list of "safe-haven" assets, which are gold, US bonds, and the Swiss franc. According to Chris Reinertsen, marketing director of Rhythm Technologies, many investors will invest in the BTC to protect their savings soon.

According to experts, bitcoin continues to struggle to reach an intermediate peak level of $12,000. Experts believe that the conquest of this peak will open the way for the asset to the mark of $13,000 and more.

According to Bloomberg, over the past three months, there has been an increase in the correlation between bitcoin and gold. Bitcoin was again under the scrutiny of market participants and experts who consider it a digital analog of gold, an asset of the "safe-haven", despite the complete contrast to the yellow metal in the context of price stability.

However, not all experts adhere to positive forecasts regarding the No.1 cryptocurrency. According to the calculations of financial strategists, the market of digital currencies will continue to decline soon, as there is a correction after rapid growth. Experts' forecasts provide for a drop in the price of bitcoin to $11500, Ethereum will drop to $210, a reduction in the price of Ripple (XRP) to $0.29, and Litecoin to $85.