The expert named the reasons for the growth of bitcoin to the new maximum

Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trade. FORKLOG is not responsible for the results of the work that may arise when using trade recommendations from the presented reviews.

The main reason for the growth of the bitcoin course to the level of $ 63,000 was the growing demand from institutional investors. This was announced in the comment by FORKLOG by the head of the data analysis department of CEX Cryptobracker.IO Broker Yuri Mazur.

He recalled that on April 8, Liberty Mutual and Starr InSuraance insurance companies invested $ 100 million in the New York Digital Investment Group (Nydig) investment fund. In March, this platform received a total of $ 200 million from financial giants Massmutual, Morgan Stanley and other investors.

On April 9, the American alternative investment company Millennium with a capital of $ 48 billion also invested in Bitcoin via Grayscale Bitcoin Trust. The amount of investment was not announced, but the fact of the transaction became a significant incentive for the growth of the bitcoin course, the analyst believes.

“The technical factor was the converging triangle on the daily timeframe, the formation of which began on March 14. The gradual reduction in the BTC/USD trade range led to an increase in pressure from buyers on the upper boundary of the figure in the region of $ 59,950, ”he said.

CEX.IO expect a continuation of bitcoin growth to $ 66,360 during April.

“This will be the level of Fibonacci correction 3.618 for a weekly timeframe. It is worth expecting consolidation at this mark, ”added Yuri Mazur.

In the context of Ethereum, it is worth expecting a continuation of growth up to $ 2342 in the medium term.

“This mark is the level of Fibonacci 1.618 per weekly timeframe. The Bitcoin and dynamics of the Defi market will have a significant impact on the market dynamics of ETH/USD, ”the expert believes.

Recall that at the end of March, the senior strategist of Bloomberg Intelligence on Exchange Products, Mike McGlone announced the transformation of bitcoin into a reserve asset with low risks and predicted its growth to $ 400,000.

In early April, analysts of the ARK Invest investment fund said that in the coming years, Bitcoin will surpass gold capitalization of $ 10 trillion and will turn into the main financial tool.