On Sunday, October 16, Bitcoin is trading at $19.1 thousand. Over the past week, the first cryptocurrency has fallen in price by 1.3%. The experts analyzed the situation on the market and told how it could change in the next week and in the short term.
According to Andjei Korotkewič, CEO of the ASTL investment project, the bullish growth that happened on Thursday is a clear anomaly that some very large player could create to achieve their own local goals. The price of bitcoin has fallen to the lower edge of a large horizontal channel, having passed $20,000. Now it is inside the channel again, having failed to overcome one of its edges and gain a foothold there. Geopolitical and economic events are not encouraging, therefore, first of all, it is worth considering the option with a rebound from the upper edge of the channel in the region of $20.4 thousand and a further move down. Or to sell directly from the current levels and on the breakdown of the lower edge of the channel. The breakdown of the $18.4 thousand level and consolidation under it is only a matter of time.
"Volatility can be high," says Konstantinas Sizovas, CFO of the ASTL project. The current rate of bitcoin already takes into account the published data on the growth of consumer prices in September, and there are still two weeks before the upcoming meeting of the US Federal Reserve. So in the next two weeks, most likely, we will not see any turning points that can radically change the situation on the crypto market. The support level is still at $17.5K, by my calculations. If bitcoin goes below this mark, then the next support level will be already at $16,000.
There are no fundamental factors contributing to the sharp growth of bitcoin either. So, most likely, BTC will continue to fluctuate between $18 thousand and $20 thousand, at best, it will rise to $22 thousand, and then not for long. Volatility in the next two weeks may be high ahead of the US Federal Reserve meeting, which is likely to decide to raise the key rate by 0.75 percentage points.
Against this background, investors need to invest fiat and cryptocurrency assets in projects that provide a stable income that obviously exceeds inflationary expectations and does not fall under any sanctions, blocking and confiscation. The ASTL project is a simple and elegant solution for potential investors - an investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high ROI (up to 18%) with payments in stablecoin (USDT). More information about the proposals of the ASTL investment project can be found on the website https://astl.io.
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