Bitcoin (BTC) continued its upward trend and experienced a strong bull market, reaching an intraday high of $65,100 before falling to around $63,000. While other altcoins such as Ethereum (ETH) and Dogecoin (DOGE) fell slightly, BTC held steady.
Fidelity's large investment in Bitcoin ETFs, reflecting strong institutional investor confidence, was one of the many factors contributing to Bitcoin's recent bullish performance.
Meanwhile, slowing economic growth and high inflation in the US could dampen investor sentiment and put downward pressure on the US dollar, potentially increasing the appeal of Bitcoin as a hedge.
Robert Kiyosaki supports Cathie Wood's Bitcoin prediction: $MEDA may soar
Renowned financial expert Robert Kiyosaki backs Ark Invest's prediction that potential institutional investment could send Bitcoin as high as $120,000 to $2.3 million.
He emphasizes the value of taking risks and investing in Bitcoin, suggesting that such steps can bring both economic growth and valuable lessons.
Kiyosaki's endorsement could boost investor confidence, increasing demand and pushing Bitcoin prices higher.
Important points:
- Kiyosaki supports Ark Invest's prediction of a high Bitcoin price.
- He encourages accepting risk for potential high returns and learning.
- His support could increase Bitcoin's market demand and price.
Mark Yusko predicts $300 billion boom in cryptocurrencies from baby boomers
Mark Yusko, CEO of Morgan Creek Capital, predicts that a whopping $300 billion will be transferred from the retirement accounts of American baby boomers into cryptocurrencies, particularly through Bitcoin ETFs. Expect.
Despite the current value of Bitcoin ETFs at $53 billion, Yusko believes this is just the beginning, suggesting that only 10% of the potential market impact has been realized. ing. This inflow could bring Bitcoin's total market value to nearly $6 trillion, marking a significant market rally.
Important points:
- Yusko predicts a $300 billion investment shift from boomers to cryptocurrencies.
- Bitcoin's market value has the potential to grow significantly.
- This represents a significant change in the trend of investing in cryptocurrencies.
US economic slowdown and high inflation shape investor sentiment
U.S. economic growth in the first quarter of 2024 was weaker than expected, coming in at just 1.6% versus the expected 2.5%. The Personal Consumption Expenditure Price Index is rising at an annual rate of 3.4%, above the Federal Reserve's target of 2%, revealing persistently high inflation. Despite this, the Fed remains unlikely to cut rates in June.
Investors are now bracing for a new report on inflation expected to rise 0.3% monthly, shaking confidence and potentially weakening the US dollar and increasing interest in cryptocurrencies such as Bitcoin as an inflation hedge. .
Key Point:
- Slowing economic growth and rising inflation in the United States could reduce investor confidence.
- Possibility of a weaker US dollar.
- Interest in Bitcoin as an inflation hedge is growing.
Bitcoin price prediction
Today's Bitcoin (BTC/USD) As a result of our analysis, the price has fallen slightly and is now at $63,751.01, with a trading volume of approximately $26.74 billion over the past 24 hours. This cryptocurrency has a market capitalization of approximately $1.255 trillion, securing the top rank on CoinMarketCap.
Bitcoin is currently hovering just above the all-important $63,580 level. Failure to sustain this threshold, which has already been breached, would signal the possibility of further decline. Immediate support is identified at $62,460, followed by him at $60,990 and $59,745.
On the resistance side, $65,092 is the first barrier, with subsequent levels at $66,745 and $68,350.
Technical indicators emphasize bearish sentiment. The RSI of 44 indicates a lack of strong buying momentum, and the 50-day EMA is just below the current price of $63,225, further confirming a potential downtrend.
Conclusion: As long as the price remains below $63,580, the outlook remains bearish. A reversal above this level could change the bias to a bullish direction, suggesting an opportunity to rally towards higher resistance levels.
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