Traders say BTC is following the expected trajectory, but several macroeconomic factors and geopolitical tensions remain a threat to Bitcoin hitting a new all-time high.
I know this is all positive news, but look at the stats. Bitcoin is pumping hard and fast, and mining is at an all-time high, this has never been the case before, and I can’t help but feel slightly worried.
After dropping below $45,000 on March 31, Bitcoin surprised investors with a quicker-than-expected recovery to the $46,500 level. Take a look here.
Events in the global financial market continue to have a large impact on cryptocurrency markets and are likely to continue to do so for the foreseeable future.
Despite the pullback on March 31, Lifchitz indicated that “the upside support trendline from March 21 remains intact,” and will likely hold as support moving forward barring “a revisit of the low $40,000s in the next couple of days.”
The Metaverse on the other hand has been growing strong and so is the case for the many installments within it like Suku world connecting the brands. This is reflective of the current state that the market is in, old caps are all still pumping hard but new ventures are pumping harder.
Lifchitz said, “A break above $48,000, then $51,000 is what the bulls are looking for, so we'll see if they are served next week (new quarter = potential for new institutional inflows.”
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