Bitcoin
Bitcoin Price Prediction as Bears Push BTC Below $63,000 Level – Where is the Next Support
Last updated: April 27, 2024 4:57 pm EDT | 3 minutes reading
Bitcoin (BTC) maintained its uptrend and experienced a strong upward rally, reaching an intraday high of $65,100 before falling near the $63,000 mark. Despite small drops in other altcoins like Ethereum (ETH) and Dogecoin (DOGE), BTC held firm.
Fidelity’s sizable investment in a Bitcoin ETF, which reflects strong institutional confidence, was one of many factors contributing to Bitcoin’s recent bullish performance. Bitcoin.
Meanwhile, slower economic growth and high inflation in the US could weaken investor sentiment and put downward pressure on the US dollar, increasing the appeal of Bitcoin as a hedge.
Robert Kiyosaki Endorses Cathie Wood’s Bitcoin Prediction: A Potential Rise for $MEDA
Robert Kiyosakia renowned financial expert, supports Ark Invest’s prediction that Bitcoin could rise to between $120,000 and $2.3 million due to potential institutional investments.
He emphasizes the value of taking risks and investing in Bitcoin, suggesting that such measures offer both financial growth and valuable lessons.
Kiyosaki’s support could boost investor confidence, potentially increasing demand and driving up Bitcoin prices.
Main advantages:
- Kiyosaki endorses Ark Invest’s high Bitcoin price prediction.
- It encourages risk acceptance for potential high returns and learning.
- Your support could drive demand and the market price of Bitcoin higher.
Mark Yusko predicts $300 billion baby boomer boom into crypto
Mark Yusko, CEO of Morgan Creek Capital, anticipates a significant Transfer of US$300 billion from the retirement accounts of American baby boomers to cryptocurrencies, especially through Bitcoin ETFs.
Despite the current $53 billion value of Bitcoin ETFs, Yusko sees this as just the beginning, suggesting that only 10% of the potential market impact has been realized. This influx could boost Bitcoin’s total market value close to $6 trillion, marking a substantial market recovery.
Main advantages:
- Yusko predicts a $300 billion investment shift from boomers to crypto.
- Significant potential growth for Bitcoin’s market value.
- It marks a fundamental shift in investment trends towards cryptocurrency.
US economic slowdown and high inflation shape investor sentiment
In the first quarter of 2024, US economic growth underperformed, expanding just 1.6% compared to the expected 2.5%. Persistently high inflation is evident, with the Personal Consumption Expenditure Price Index rising at an annual rate of 3.4%, above the Federal Reserve target of 2%. Despite these conditions, the likelihood of a Federal Reserve rate cut in June remains low.
Investors, now bracing for another inflation report expected to show a 0.3% monthly increase, could feel their confidence shaken, potentially weakening the US dollar and increasing interest in cryptocurrencies like Bitcoin as a hedge against inflation.
Key points:
- Slower US economic growth and high inflation could reduce investor confidence.
- Potential weakening of the US dollar.
- Increased interest in Bitcoin as a hedge against inflation.
Bitcoin Price Prediction
Today Bitcoin (BTC/USD) analysis reveals a slight drop in its price, now at US$63,751.01, accompanied by a trading volume in the last 24 hours of approximately US$26.74 billion. The cryptocurrency’s market capitalization is approximately $1.255 trillion, securing its top position on CoinMarketCap.
At the moment, Bitcoin hovers just above a crucial level of $63,580. Failure to maintain this threshold, already exceeded, suggests potential additional declines. Immediate supports are identified at $62,460, followed by $60,990 and $59,745.
On the resistance side, $65,092 marks the first barrier, with subsequent levels at $66,745 and $68,350.
Technical indicators underscore the bearish sentiment: the RSI at 44 indicates a lack of strong buying momentum, and the 50-day EMA sits slightly below the current price at $63,225, further supporting the potential downward movement.
Conclusion: The outlook remains bearish as long as the price is below $63,580. A reversal above this level could change the trend to bullish, suggesting an opportunity for a rally towards higher resistance levels.
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