Andrey Grachev’s forecast about the fall of bitcoin coming true
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Andrey Grachev, vice president of RACIB for trading and representative of Huobi in Russia, almost 1: 1 predicted the recent collapse of the crypto market in the summer and gave a forecast regarding his future behavior.
After the decline in the bitcoin (BTC) rate to $ 5800 at the end of June, BitCryptoNews asked Andrey Grachev to share his vision future developments in the market. The expert said back then:
«A partial recovery should take place in the near future, but the minimum will only be reached in the fall.».
Then he described the course of events almost accurately. According to him, after fluctuations in the BTC rate in the range of $ 6000-6600, a collapse is likely to occur, which will accompany «strong and sharp impulse», after which the price will stabilize at $ 5600. Further, depending on the market sentiment, Bitcoin will slowly descend to $ 3500 or start moving to $ 7000–8000.
In view of the recent changes, we decided to ask an expert if the launch of new derivatives based on virtual currencies could change the market situation, to which Andrey Grachev replied:
«Derivatives can give impetus to the popularization of cryptocurrency assets among professional players in the financial market».
He also noted that derivatives will have only an indirect impact directly on the crypto market itself, since attracting people to direct participation will require a large information flow associated with this news..
Other experts were also inclined to believe that Bitcoin has yet to survive a fall in the fall. According to analysts, the loss of the $ 6,000 support level is a dangerous sign, especially for customer-focused companies in the crypto industry..
Fundstrat’s Rob Sleemer says the sharp drop has pushed the market into oversold territory, and at current technical levels, it may take weeks or even months to recover. In his opinion, only after the formation of a sufficiently strong structure can the possibility of further growth be considered..
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text: Ivan Malichenko, photo: CurrentEvents247, avatars.mds