Bitcoin experienced a significant price surge in the past 12 hours, nearing $30,000 after trading sideways. The altcoins, including SOL, BCH, XRP, XLM, and MNT, also turned green, with gains of up to 12%. On Monday, a fake report falsely claiming SEC approval...
What Lies Ahead for the Crypto Market?
2023-05-17 • Updated
Here's the latest scoop: Paul Tudor Jones, the billionaire hedge fund manager, seems concerned about Bitcoin's appeal. He believes the growing unfriendly regulatory landscape in the United States makes Bitcoin less attractive. Additionally, the prospect of lower inflation and its impact on Bitcoin's price has got him a bit worried too. In a recent interview, Jones shared his thoughts on Bitcoin and the US economic scenario, painting a rather pessimistic picture. He mentioned how Bitcoin and Gold had lost some of their bullish charm as the whole "inflation hedge" narrative seems to be losing steam. But wait, there's more! The US government's tough stance on cryptocurrencies has also caught Jones' attention. The increased skepticism and scrutiny from regulatory bodies have made the crypto industry a hot topic. Despite his concerns, Jones still holds on to a small amount of Bitcoin in his investment portfolio. He believes that Bitcoin's finite supply, which humans can't manipulate, sets it apart from other assets. So, while he may have reservations, he's sticking with them. Let's see how these factors might impact Bitcoin's future!
US Dollar - H4 Timeframe
The US Dollar recovered spontaneously last week in response to the release of the CPI news. The resultant bullish movement broke out of a triangle pattern and is approaching a major supply zone on the Daily timeframe. My expectation based on this is that we should see a rejection from the supply zone that could push prices back to the trendline of the triangle pattern.
BTCUSD - H4 Timeframe
The strength of the US Dollar, coupled with the unfriendly sanctions in the United States, as previously mentioned in the introduction, has impacted the price action on the BTCUSD chart: the bearish price action on the chart, as seen above, is proof. However, the price is currently approaching a key area of support. It is expected to rebound off that area based on the projection of an impending US Dollar's impending weakness, as discussed earlier.
ETHUSD - Daily Timeframe
The overlap of the trendline support and the 100-Day moving average is a key confluence supporting a bullish reaction. The moving averages on the Daily timeframe of the ETHUSD chart are also arrayed in ascending order, another confirmation of a bullish trend. Correlating the technical analysis of Ethereum with the forecast from the US Dollar, I have reason to expect a bullish reaction from the highlighted pivot zone.
XRPUSD - Daily Timeframe
XRPUSD seems to have already commenced its bullish reaction from the support area, originating from the overlap of the trendline support and the 200-Day moving average. Similar to what we saw on the ETHUSD chart, the moving averages on Ripple are also arrayed in ascending order - another indication of likely bullish price action. My conclusion on this is that we will see some continuation of the bullish movement until the price hits the pivot zone I have highlighted.
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