Experts have assessed the potential of bitcoin for a new rally

Last weekend, the bitcoin exchange rate exceeded $62.9 thousand for the first time in the last six months. Today, the price of the most popular cryptocurrency is $60,623 thousand. Experts analyze the crypto market and make predictions about the further dynamics of bitcoin. 

Some analysts expect that in the near future bitcoin has the potential to update the historical maximum without significant corrections. It is noted that at the level of $ 65 thousand, volatile trading will take place at increased volumes, since many retail market participants will open long positions. Against this background, the value of the cryptocurrency can reach $70 thousand. 

However, then, after updating the historical maximum, the growth of bitcoin will be limited by fixing the positions of institutional investors who will prefer to exit the asset against the background of the emergence of new liquidity. And this will logically lead to some correction. 

Another factor in favor of further bitcoin growth is the high probability of a «panic buy». This term is commonly used to call a panic wave of purchases, which can happen if the cryptocurrency manages to gain a firm foothold above the level of $65 thousand. Such mass purchases can also lead to an increase in the exchange rate by tens of percent per day.