This Sunday, April 3, cryptocurrencies are trading with the majority of losses led by Avalanche (-3%), Cardano (-1%) and XRP (-1%). The raises belong to Terra and Solana (2% and 1% respectively).
On Saturday, Bitcoin experienced a short-term bounce up 10%. For Cointelegraph contributor Michaël van de Poppe, intent on retaining newly invested confirmed support, the odds of a strike towards the $50,000 level were high. However, the wait deepened.
“Crucial area held for Bitcoin, where a continuation to the upside seems likely,” he summarized to Twitter followers yesterday.
“If we revisit the $45,000 range, I think it’s a sign of weakness and we’ll go to the $45,000 area. If we don’t, then it’s likely to go to $50,000 next week,” he explained. generating greater expectation for this week.
He was not the only one to mention the possibility of Bitcoin hitting $50,000 next week. David Lifchitz, Managing Partner and Chief Investment Officer of ExoAlpha, despite the March 31 pullback, “the March 21 bullish support trend line remains intact” and will likely remain supportive going forward barring “a pullback until the low $40,000 in the next few days.”
The “wildcards” identified by Lifchitz that could affect this outlook include “the situation in Ukraine, the EU financial commission going after cryptocurrencies with a vengeance, and the Mt. Gox liquidation that could happen at any time.”
“A break back above $48,000, and then $51,000 is what the bulls are looking for, so we’ll see if that works for them next week (new quarter = potential for new institutional entries)” he said in his analysis.
What could be a game changer is the data on Bitcoin adoption, which, as seen during the Ukraine conflict, looks set to increase sharply in the near future. BTC adoption was reported to have increased at an annual rate of 113%, according to data from digital asset management firm CoinShares.
If the trend continues at this rate, the report states that there will be around 1 billion cryptocurrency users by 2024 and 4 billion users by 2030.
In this case, predictions that now seem far-fetched, like the one made by Van Eck, manager of several BTC ETFs, who predicts prices above $1 million, might even make a bit more sense.
Not to mention the great potential of the so-called Web 3.0 and its metaverse, closely linked to cryptocurrencies. According to a recent report by City Group, the number of users in the metaverse could grow to 5 billion, with a turnover by 2030 of more than 13 billion dollars.
Source: Ambito
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