Analysts recorded a volatile trend with BTC price

Since the beginning of this month, the first crypto coin reached its highest level, according to data from CoinMarketCap. On July 20, Bitcoin managed to overcome the level of $24’000. On the next day, the rate of the crypto asset again fell below $23’000.

Analysts believe BTC growth is likely to slow down soon, while the cost of bitcoin may be close to $25’000.

At the same time, experts believe the end of the crypto winter is still out of view. But if BTC would be able to gain a foothold above the $20,000 level shortly, then an optimistic scenario for the development of the situation is not ruled out.

According to EXMO Development Director Maria Stankevich, digital currencies “look pretty good” at the moment. She believes that various technical markers indicate the exit from the flats and short-term growth.

At the same time, the expert stressed the current situation is not a complete overcoming of the bearish trend. Most likely, it seems to be a small bullish microtrend in the background of the established market.

“After breaking the $24’000 level, the next step will be $30’000 — $35’000. The price of the first coin may reach $40'000, and after that a slight decrease is possible,” Stankevich notes.

The last few months have been quite difficult for players in the digital asset industry. Indeed, there has been a significant reduction in the capitalization of the whole crypto market. Some projects, for example, Three Arrows Capital, Celsius and Voyager Digital have called up for bankruptcy. Such issues, against the backdrop of a falling market, have undermined investor confidence in the digital asset sector for sure.

The head of Coinbase Institutional, Brett Tejpaul, believes bankrupt crypto projects are fully responsible for their difficulties, as they neglected elementary risk management rules.

“We consider these market players have been caught up in the bullish madness, ignoring the basics of risk management. The uninsured stakes, the huge investment in the Terra ecosystem meant the threat was as real as never before and concentrated,” Tejpaul concluded.