It was back trading in the $7,000s on Wednesday, which brought relief to many traders who were fearing the worst after the price had retreated to the high $6,000s.
Meanwhile, with its next halving less than 20 days away, the overall market sentiment for Bitcoin’s long-term potential seems to be largely on the positive side.
On that optimistic note, let’s quickly go through some of the major new developments to have transpired over the past 24 hours:
Why Carl ‘The Moon’ Martin Thinks the Time to Buy Bitcoin is Now
The current crisis has overshadowed Bitcoin’s expected bullish momentum before its upcoming halving. In fact, as The Moon told BeInCrypto, Bitcoin has never been this oversold before a halving event, which he thinks is clearly a buy signal.
Due to the unique variables at play this time around, however, The Moon maintains that we will see the bullish market cycle really kick in a year or more after the halving.
The Moon also brushed upon the coronavirus-induced global economic crisis by predicting high debt levels and low (sometimes even negative) interest rates by central banks in the near future.
Bitcoin’s Best Features at Work, According to Mike Novogratz
Serial entrepreneur and self-proclaimed Bitcoin bull, Mike Novogratz, believes that the alpha-cryptocurrency is currently facing a key moment as the U.S. government continues to dole out trillions in stimulus packages.
In a recent conversation with the CNBC, the Galaxy Digital founder said that with the Fed on a money printing spree, more and more people are on the lookout for ‘something with scarcity.’
Given that 85% of Bitcoin’s finite supply has already been exhausted and the inflation rate is due for another 50% slash in less than 20 days, this is a perfect opportunity for the asset to rope in new investors.
Bitcoin Analysis: Will BTC Break Through Its Crucial Resistance Level?
Despite an overwhelmingly positive outlook for the long haul, it looks like Bitcoin is not quite out of the woods yet as far as the short-term trading pattern goes.
The Bitcoin price is approaching a significant resistance level at $7,175 that is likely to reverse the short-term upward trend. If the price gets rejected, it is likely to fall back towards $6,300, and possibly $5,700.
Crypto Price Analysis April 22: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK
- Since April 19, the ETH price has been on a decline alongside a descending resistance line and could be pushed all the way down to $160 if certain emerging patterns hold true.
- The XRP price is expected to increase towards the next resistance area of $0.19.
- BCH is showing early signs of reaching $230 before falling back to support.
- The LTC price has continued to hover inside a range between $39.5 and $44 since April 11.
- Since there is no bearish divergence to indicate the opposite, the XTZ price is likely to break out above its descending resistance line and reach the next resistance found at $2.55.
Tezos (XTZ) and Cardano (ADA) Signs in the Latest Weiss Cryptocurrency Rankings
Weiss Cryptocurrency Ratings, which regularly ranks cryptocurrencies based on various criteria, released its latest edition on April 21.
In a decision that may surprise some, the Tezos and Cardano networks were ranked at the top of the class in ‘technology,’ both being classified with a grade of ‘excellent.’
Massive COVID-19 Stimulus Payments Proposed
A relatively small but vocal group of U.S. lawmakers seem to be of the view that stimulus packages planned under the recently passed CARES Act don’t pack enough punch to be effective against the current economic crisis.
In particular, three representatives are now proposing further massive expenditures to help U.S. taxpayers cope until the crisis passes. One of these proposals, for example, urges the government to offer all Americans over 16 years old a $2,000 check every month, while another suggests a massive country-wide cancellation of rent.