What will happen to the cryptocurrency market this weekend

[Richardspola]

On Friday night, the bitcoin rate again exceeded $ 60 thousand, after which it began to gradually decline. As of 17:40 Moscow time, the average market price of the coin is $ 59.1 thousand. Ethereum, on the contrary, went into the growth stage by the evening. The cryptocurrency has overcome the historical maximum above $ 2.08 thousand. The specialists explained to RBC-Crypto how the market might move on the weekend.

Cryptocurrencies continue to receive money from Americans who received them in a new aid package, said Janis Kivkulis, lead strategist at EXANTE. In addition, this week, US President Joe Biden announced a $ 2.3 trillion new infrastructure project that propelled the S & P500 to a new record of 4,000 points. Optimism in the stock markets is a faithful companion to the growth of bitcoin, the expert emphasized.

According to him, often the growth in the crypto market occurs precisely on weekends, for which he even received the nickname “weekend market”. This happens because liquidity decreases on weekends and holidays, which leads to increased volatility, Kivkulis said.

“Today, the US and other countries are celebrating Good Friday and exchanges are closed, so it is possible that both BTC and ETH will update records this weekend. Nevertheless, despite the recent dynamics, investors should remember that the crypto market is poorly predictable, and the scenario of an unexpected collapse should not be disregarded, ”the strategist warned.

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Vladimir Smetanin, CEO of the Swiss financial company Newcent, agreed with him. This weekend, he expects the bitcoin rate to rise, although a correction is already technically brewing. Therefore, after growth on the weekend on Monday-Tuesday, the rate will return to the values ??of Friday's close, Smetanin said.

The likelihood of a strong pullback over the weekend is low, said Yuri Mazur, head of data analysis at CEX.IO Broker. He emphasized that significant negative fundamental factors are required for the trigger of the decline to be triggered. The analyst believes that there are none on the crypto market yet, and positive factors, such as the acceptance by an increasing number of large companies of the possibility of payments in cryptocurrency, are of a very solid nature.

PayPal, Tesla, the intentions of Visa and Mastercard to introduce cryptocurrency payments into their services - all this is the key to the success of the main crypto coin BTC.

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