Bitcoin’s price has always been volatile and unpredictable, but the last few weeks have brought truly erratic behavior. It started with the Turkish Central Bank’s announcement that using crypto as a means of payment will be banned starting on April 30th. This news knocked the coin down from its highest levels - $64,863 yet to $55k. After that, it dropped further due to expectations of increased capital gains tax in the US, and then even further after Tesla sold 10% of its BTC at $54,092.
The recovery came as well after Elon Musk explained the point of the sale — to prove the liquidity of Bitcoin as an alternative to holding cash on the balance sheet.
In days to come, BTC is likely to see another drop when the Turkish ban actually arrives. However, after that, the coin should be able to start recovering properly from the level of $48,000. On the other hand, the beginning of the month often leads to price surges, so it would not be surprising for BTC to make an attempt to return to its ATH in early May.
What are the main tendencies of the crypto market in the future?
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The Bitcoin price will likely see another drop in days to come, due to the Turkish ban. $52,000 is the support level.
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On the other hand, giant companies are continuing to accept BTC, such as Tesla, and even JPMorgan.
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Even though intimidated governments are banning BTC, the demand and interest continues to surge and push the coin’s price and adoption - resistance level $56,000.
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If the rising interest in cryptos attracts more institutional investors, BTC price could skyrocket to $75000 this year.
The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. The trading of commodities, cryptocurrencies and currencies involves significant risk.
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