In general, the outlook is optimistic for the queen of digital currencies since “every day that passes the sensations in bitcoin are better, so much so that it cannot be ruled out that from here it is trying to restructure itself upwards with an eye on the record highs of November,” said José María Rodríguez, an analyst at Bolsamanía .
The expert expressed that “above US$46,000 it can trigger a small figure back to the upside with a target of rising towards approximately US$60,000”. With clear permission, it is “of the important horizontal resistance that it has at US$52,200. Below, on the support side, the most important of all of them is at the lows of January at US$32,855”, he pointed out.
In the rest of the tokens, the behavior is similar, with Ethereum struggling to maintain US$3.00, far from consolidating the 3,200 and few movements for a market that is on the verge of 2 billion market capitalization.
Is it time to buy?
According to a recent study by Glassnode, the volatility in the stock market affected Bitcoin. The correlation between this and the American stock market has come closer than previous years. While there may be short-term catalysts, the long-term adoption of institutional is just beginning. So that it is a good time to take advantage of the current volatility and weakness before big investors take over much of the market.
Graticule Asset Management Asia also highlighted how recent stock market volatility has slowed adoption by institutional investors, albeit momentarily: “Growth stock volatility amid rising interest rates is temporarily slowing the planned forays of institutional investors into cryptocurrencies. Although many traditional institutions have already made the decision to allocate crypto, most have been slow to invest. They don’t want their first foray into space to be a quick money-losing proposition. We believe institutional allocations will wait until global equity markets, particularly growth stocks, have stabilized.”
With the above, Bitcoin could have great potential as more corporations allocate parts of their capital to cryptocurrency in the long run. Compared to other crypto assets, it is less volatile and more constructive for corporate adoption.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
