Cryptocurrency Market Update: Bitcoin mooning to $5 million in just 5 years

The cryptocurrency market is back in the bullish face following a brief downtrend at the beginning of the week. Although 2020 has been a trying month for both the digital assets market and the traditional markets, assets such as Bitcoin and Ethereum have proved that they have the potential to correct higher.

Bitcoin price update

The granddaddy of cryptocurrency market broke several barriers on Thursday after re-entering the bullish zone above $7,200. The recovery came after a slide to $6,750 support on Monday at the time when the crude oil price shattered into the negative. The stock markets in the United States also tanked, in turn, affecting Bitcoin due to the newly established correlation.

Investors have been worrisome ever since Bitcoin price actions started to reflect those of the stock markets because this means that Bitcoin could be losing its safe-haven status. However, some analysts like PlanB (pseudonymous) say that the correlation is expected during times of crisis such as the COVID-19 pandemic. However, it will start to ring bells if it continues after the halving.

At the time of writing, Bitcoin is trading at $7,536 after correcting slightly from $7,559 (intraday high). The bulls seem to be facing increasing selling pressure toward $7,600. If a breakout towards $8,000 continues to delay, this could see sellers gain the confidence to force the price towards the key support at $7,200.

BTC/USD daily chart

Bitcoin at $5 million in 5 years

A renowned Macro Investor, Raoul Pal believes that Bitcoin is in a trajectory to trade at $5 million per BTC in the next five years. He shared his opinions and predictions on BTC in the latest issue of “The Unfolding” report. Raoul says that Bitcoin represents the future of the financial system. While commenting on the gold, the world’s most precious metal, Raoul said that the asset has the potential to experience a five-fold surge over the next five years. Raoul believes that, it is not too crazy for Bitcoin to achieve a market capitalization like gold’s $15 trillion.

Ethereum and Ripple Market Update

Ethereum bulls are focused on breaking above the critical $200 zone in spite of the stalling under $190. The crypto has been relentless in the push for recovery since March 12 crash to $90. The correlation of Ethereum price to Bitcoin price could see it rise to highs above $300 following BTC halving. Meanwhile, support has been established at $180 and $170 respectively.

Ripple, one hand, has advanced 1.5% higher on the day. On the other, its bullish action has fallen under $0.20 key resistance. In the meantime, it is trading at $0.1960 as bulls attempt another assault on $0.20. Immediate support has been established at $0.19 (former hurdle) while $0.18 will also function as key support.