Bitcoin price set a target of $ 6,400 to create the upward momentum soon thereafter

In the midst of the financial crisis along with the stressful Corona virus pandemic, Bitcoin remained the same transaction price as before, over $ 6,500.

The possibility of a world economic recession in 2020 is quite clear. A recent Bloomberg survey showed that the probability of recession has increased to 53% (compared to only 25% in the previous survey). Meanwhile, on the March 18, 2020 survey of Focus-Economics, up to 64% of experts and organizations surveyed forecast that the world economy will decline in the next 12 months (higher than 43 level). % in the survey 1 week earlier).

For the world economy, if the disease is well controlled, the peak of epidemics in countries (outside China) may fall in April or early May 2020, and control the disease in the second or early quarter. quarter 3/2020; and after the epidemic, socio-economic activities will rebound strongly. At that time, the downtrend model will most likely follow a U-shaped narrow bottom.

Regarding gold price, in the context of gloomy and uncertain world economic prospects, gold is also considered a safe haven channel, replacing some other investment channels such as securities, real estate, etc. From the beginning of the year until now, the world gold price has increased by nearly 11%; Although there were many sessions of sharp decline, in the same direction with the decline of world stocks. Over the past 1 month, the price of gold increased but was not strong, expressed in the context of many risks, investors often look for cash (including the US dollar) or invest in US Government bonds.

With Bitcoin, traders are paying attention to two further price increase scenarios for BTC. Meanwhile, recent data shows that the number of active Bitcoin holders has increased significantly and reached new all-time highs.

Bitcoin targets $ 6,400

Trader ‘TraderKoz’ is looking at 2 possible situations. The first is an immediate price increase, in which BTC rises to the area of ​​$ 7,100. Conversely, the second scenario will push the price down to $ 6,400 before rising.

"This is 2 script long Bitcoin I'm keeping an eye on it. Both 2 will have the first target of 7,1xx dollars

Opposite, I will short if break below the range and start closing out of Rader”.

Trader ‘George’ shares the same opinion, hoping BTC will drop to $ 6,400 as the next best scenario at this point. If Bitcoin moves to a new high without reaching the aforementioned low level, things could get worse.

Trader 'Crypto Krillin' also agrees with this scenario.

“Exactly what I am follow”.

Number of active BTC addresses reaches new ATH

According to recent data shared by Glassnode Studio, the number of active HODL wallets more than 1 Bitcoin has increased to an all-time high (ATH) of 797,123,000. Meanwhile, the previous ATH only 1 week ago.

“Number of addresses held more than 1 coin has just reached ATH 797,123,000

Previous ATH 797,073,000 gain on March 25, 2020 ”.

‘Bitcoin created the bottom ’

Trader ‘Bitcoin Macro’ thinks that the Bitcoin bottom has formed. Citing a $ 3,000 breakdown, he said that this happened on March 12, when BTC lost about 50% of its value within 24 hours. And because the price hasn't dropped below $ 3,000, it won't happen.

“I still believe that BTC has created a bottom. If price Break 3k dollars then happened when fluctuating from $ 8k to $ 3.6k on March 12, down 55% in 24 hours. Anyone who doesn't sell on March 12 has big balls like mine. ”

Despite strong measures taken to prevent the spread of the Corona virus, the situation continued to worsen day by day, wreaking havoc across the United States and Europe while closing thousands of businesses and forcing millions to die. job. As a result, the Federal Reserve has exhausted all efforts to prevent further economic losses.

And in doing so, the central bank's balance sheet saw a record week, with hundreds of billions of dollars of assets added. In the midst of such a situation, one commented: "This is very beneficial for Bitcoin."

According to data released on Thursday, the Federal Reserve's balance sheet reached a record $ 5.25 trillion, an additional $ 586 billion, or more than 10% of the previous week's total balance sheet in just 5 days. work. Notably, the balance sheet last week also increased by more than 300 billion dollars.


Federal Reserve balance sheet data Source: Brian Chappatta, Bloomberg.

Electronic partner Anthony Pompliano of Morgan Creek Digital Assets has summarized the current trend in the best way: the Federal Reserve's balance sheet has actually increased the "parabola" in recent weeks.

The move comes just days after the announcement that it will buy any securities, meaning an unlimited number of securities, to help "support the smooth functioning of the market, convey effective monetary policy." to broader financial conditions and the economy. ”

Just getting started

This is just the beginning. The White House is in the process of passing a $ 6 trillion stimulus bill, which gives the Federal Reserve $ 4 trillion in liquidity, bringing the balance sheet to $ 8 trillion and more.

In this context, everyone considers the trend extremely optimistic for scarce assets, including Bitcoin. BitMEX Research wrote in a recent report that record cash flow and fiscal stimulus will give Bitcoin one of the "biggest opportunities" because potential inflation will prove the need for non-inflationary assets. play:

“In our view, in this changing economic regime, where the economy and financial markets are loose, there are no significant anchors, not even fabricate inflation target here is still the greatest opportunity Bitcoin has seen in its short lifetime. ”

This was confirmed by CIO and CEO Su Zhu of Three Arbow Capital: The US dollar is on the road of inflation, "it will be difficult to come back" and it is expected that this will bring Bitcoin to $ 50,000.

You can see the price of Bitcoin here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to AZCoin News

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