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Investing.com – The had a solid upswing between March 14, when it was worth less than $37,000, and its 2022 high of $48,160 on March 28, but then hit a technical hurdle, eventually posting a clear correction since yesterday afternoon, with the cryptocurrency back below the key $45,000 support at the time of writing.
Recall that the BTC / USD had not managed to cross above its 200-day moving average, currently at $ 48,310, knowing that slightly above this indicator is another obstacle at least as important, the psychological threshold. $50,000 major, as well as another significant hurdle, before Bitcoin begins to falter.
If the decline continues, the next potential support for Bitcoin will be the $42,000 area. Then, the psychological threshold of $40,000 will come into play.
VanEck describes a scenario for Bitcoin to rise to $4.8 million
Apart from a technical context that has deteriorated significantly, yesterday was also marked by a forecast that was ambitious to say the least for the cryptocurrency of the American investment company VanEck.
According to a report highlighted on Twitter (NYSE:) by one of its executives, the company estimates that bitcoin is twice as valuable as and could be worth $1.3 million to $4.8 million per unit if it became the global reserve asset.
However, it is important to clarify that VanEck analysts have pointed out that they believe that it is more likely that the Chinese yuan will become a new reserve currency, but that regardless, nations will probably reshuffle their holdings.
“Central banks are likely to shift the composition of their reserves away from dollars (and euros and yen) and toward something else, to one extent or another… Therefore, some central banks – and private players – will diversify their reserves.”
And many experts agree that a certain proportion of these revamped reserves will include cryptocurrencies, and Bitcoin is the most likely candidate.
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