The actions of the Chinese authorities have had a positive impact on the market

Mine Corporation
2 min readOct 20, 2021


The market is showing positive dynamics, and the BTC medium-term target is the range of $60,000–65,000 still. At the same time, the situation around China has had only a positive impact on the market, 8848 Invest’s analyst Mark Sorokin says.

The positive dynamics continue in the market. Many top coins have quit out their accumulations once again, and retain a positive potential.

‘BTC, like as the key altcoins ETH, LTC, and XRP retain the potential to reach their local reversal zones. For BTC, I expect the formation of a new intermediate flat, so the possibility of a sharp price drain down and merging stops isn’t excluded, and only further — reaching first the range of $ 60,000, and then $ 65,000, and possibly higher,’ the expert notes.

For ETH, you can use as a benchmark its local maximum at the $4,000 mark, as well as a historical high of $4,400. This is the main landmark for these tools to strive.

BTC has finally quit out of the flat

‘LTC is less volatile still, therefore, volume loading and the formation of a reversal buying pattern are still observed for this tools, but generally, it’s probably worth expecting the coin will move to the $225 area, where a local maximum was observed,’ Mark Sorokin says.

Concerning the global perspective, XPR would be good to reach $1.9, the maximum of a large accumulation, while the historical maximum of $3.7 is also achievable.


The market is generally positive, despite the development of the situation around China.

The market broke the support and began gaining trading volumes

‘Despite any expectations, this ‘story’ had a positive impact on the market. Large market participants were able to generate fresh liquidity to move the major market tool prices up. I expect the growth to continue, its intensity will depend on the activity of participants and the current market sentiment,’ the expert summarises.