The expert called the conditions for the growth of bitcoin to $ 85-90 thousand.

Bitcoin started the new week at around $80,000 after rising to around $81.7 thousand on September 3 and subsequent correction amid strong statistics on the US labor market. The cryptocurrency continues to be supported by institutional demand through American spot Bitcoin ETFs. Kirill Komalenkov, Director of Strategic Communications at Bitbanker, told Izvestia about this on September 7.

"To continue the upward movement, the market needs not only to overcome the $80,000 mark, but to gain a foothold above the $82-83 thousand level at the daily close. In case of successful consolidation above this zone, the next target may be the range of $ 85-86 thousand. With continued inflows into ETFs and a favorable external background, bitcoin is able to head towards the levels of $88-90 thousand in the second half of September," the expert explained.

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Komalenkov considers trading in the range of $78-85 thousand to be the base scenario for the coming week. The main risk factor remains the US monetary policy. After the publication of strong labor market data, the likelihood of a tougher approach by the Federal Reserve System has increased.

The key event of the week will be the publication of inflation data in the United States on September 11. Strong indicators may increase pressure on risky assets and lead to profit-taking on bitcoin before the Fed meeting on September 15-16.

From a technical point of view, the $78-79 thousand zone remains an important support level. Its loss may lead to a decrease to $ 75-76 thousand. If it is fixed below $75 thousand, the current output above $80 thousand may turn out to be a false breakdown.

At the same time, according to Komalenkov, the market remains moderately positive. For a steady movement towards $85-90 thousand, a combination of several factors is necessary: the absence of an acceleration of inflation in the United States, a neutral or soft position of the Fed and the preservation of institutional demand.

The bitcoin (BTC) exchange rate rose to $80,000 on August 24 for the first time since May of this year. Later, on August 25, the cost of bitcoin exceeded $81 thousand for the first time since May 15.