Two of the world’s largest financial services providers, Goldman Sachs and Morgan Stanley, are now hinting that the worst of the COVID-19 market rout is probably over and the economy is showing signs of improvement. Of course, not everyone agrees with that optimistic outlook.
HSBC Holdings economist James Pomeroy, for example, has warned that expecting a sharp turnaround of the global economy at this juncture could prove to be counter-productive — dangerous even.
Bitcoin, meanwhile, is trading just below a strong resistance area at $9,150. With its next halving less than one week away, it will be interesting to see which way the benchmark cryptocurrency sways from hereon.
These and more in BeInCrypto’s cryptocurrency news roundup for May 5.
It looks like the BTC price is trading inside either a descending or symmetrical triangle. BeInCrypto’s crypto analyst Valdrin, argues in our May 5 Bitcoin analysis that in the short-term, the price is likely trading inside a descending triangle. This is a bearish pattern that indicates the price could soon break down.
- The Bitcoin price is trading just below a strong resistance area at $9,150.
- The RSI has generated a significant bearish divergence.
- The more bullish scenario has the price trading inside a symmetrical triangle.
Galaxy Digital CEO Expects the Bitcoin (BTC) Rally to Last
Mike Novogratz, CEO at Galaxy Digital and a self-proclaimed Bitcoin bull, seems unbothered about the forecasts predicting a bearish outlook for the BTC. He recently stated that the Bitcoin price rally is here to stay and will mostly draw its power from an influx of a new wave of investors — the signs of which already seem to be forming.
Social media metrics and volumes have driven the price of BTC up by roughly $1,500 in a matter of two days in late April.
Crypto Price Analysis May 5: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK
- While the ETH price could initiate a bounce at the current level, there is no bullish divergence in the RSI to confirm this movement.
- The XRP price has made two unsuccessful attempts to break out of the short-term range of 2,430-2,490 satoshis.
- For BCH, the closest support area is found at ₿0.0265, a long-term area that has held since August 2019, barring a couple of weeks in last December.
- The BSV price is expected to bounce at the support level around ₿0.0227 and is heading towards the previous support area at ₿0.025.
- LTC’s daily RSI has generated significant bullish divergence, a sign that the price might bounce once it reaches a key support line.
Goldman Sachs and Morgan Stanley Claim the Global Economy Has Bottomed Out
Chief economist at Morgan Stanley, Chetan Ahya, recently stated that the U.S. economy had already bottomed in late April and is now showing signs of improvement. His stand on the issue was echoed by a recent IMF assessment suggesting that the economy is due for a ‘V-shaped recovery.’
Of course, this optimistic outlook has its fair share of critics who allege that a reopening of the economy at this juncture may only be a ‘sell the news’ event because consumer spending will be slow to recover.
Just a Couple of Months Until Ethereum 2.0?
Assuming things proceed at the current pace, the odds are high that we will get to finally meet Ethereum 2.0 sometime in July 2020 — or so says a new study by BitMEX. The researchers, of course, did not take into account any unforeseen delays in the next few months. Among other things, the transition is likely to go a long way in tackling Ethereum’s infamous scaling issues.
Some analysts had previously claimed that Ethereum 2.0 could be the greatest economic shift ever. Although, the BitMEX report mostly downplayed the possible impact of the much-awaited transition.
Gemini Rolls Out Welcome Mat for Altcoins, Triggers XRP Army
The U.S.-based regulated exchange, however, didn’t extend that gesture to XRP, the third-largest digital asset based on market cap. As you can expect, this ended up riling up a big chunk of the XRP loyalists out there.
Some of them later tweeted to the U.S. Securities and Exchange Commission (SEC) to complain that their favorite coin had yet to be listed on the exchange.