"Thank you to the market." Analyst discussed the prospects of cryptocurrencies

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The current state of the crypto market and the factors that will influence cryptocurrency rates in the coming days — all of this was discussed by the author of the Telegram channel "Financial Circle" Anatoly Radchenko in a new video from May 12, recorded specifically for the participants of the RBC Crypto Forum.

Waiting for the next news

In the morning of May 12, the leading cryptocurrency reached a peak not seen since the end of January, nearing $106,000 after reports of a temporary reduction in tariffs between the US and China. As of 13:40 MSK, the price of bitcoin (BTC) fluctuates around $104,400.

Radchenko noted that besides the fact that the USA and China agreed to suspend the trade war for 90 days, the American side stated that it wants to expand trade relations between the countries and increase the product range. According to the expert, additional news about the American-Chinese agreements may appear soon.

The analyst noted that during the week, US President Donald Trump also promised to sign many different agreements, and information about this may appear as early as today, Monday, around market opening time, approximately after 4:00 PM Moscow time. The news could be unexpected, and it may lead to new price movements in the market, says the expert.

"When Trump appears in the market, no technical analyses or macro statistics work at all," noted Radchenko.

Incredible growth

During the past weekend, a significant increase in prices was recorded, especially in altcoins, says the expert. Moreover, meme coins saw the largest growth.

The most noticeable rebounds from their lows were MOODENG ( more than 800% ), NEIROETH ( more than 400% ), and CHILLGUY ( around 400% ). After the market peaks in January, these tokens showed only a downward trend until mid-April.

Ethereum (ETH), according to the analyst, has increased by dozens of percent, which is "incredible" for it. Since May 8, its price has risen by 44%, from $1.8 thousand to $2.6 thousand.

The largest altcoin was an asset that seemed to be beyond recovery; very large short positions were opened on it, says Radchenko. However, in the analyst's opinion, the appetite for risk in the market has grown so much that Ethereum has once again attracted interest in the market.

The US reaction is yet to come

The news that China and the USA were able to reach an agreement in such a short time came as a major surprise, and it is very difficult to say how the market will behave going forward, says Radchenko. He noted that the morning growth occurred even before the start of the working day in the USA, which is the "number one market," acting as a vector in the crypto sphere, and it has not yet reacted to the news.

According to the expert, the dynamics of the rates that can be relied upon for forecasting will be shown in the coming days.

Interest in Purchases

The analyst also noted that despite the rise in the price of cryptocurrency, the number of Google search queries about Bitcoin is at a five-year low. This indicates to the expert that the current price is not unusual for investors, and they are expecting further movements. Radchenko explained that "people will always return to the market when we see historical highs."

Many are already talking about a move towards $150,000, says the analyst. According to him, the closer we get to the extremes, the more greedy the forecasts of analysts and traders become; they want to see the price higher. In such a situation, Radchenko believes that the practice of regularly taking profits works well — it's worth saying "thank you" to the market's growth and taking a part of the profits, the analyst believes.

"He who takes money off the table is never poor. Yes, you can 'play in the casino' and win a lot right away. But you can also regularly take money from the market," says the expert.