Crypto Industry News:
Hedge fund manager and well-known strategist Hugh Hendry recently expressed his bullish predictions for the flagship cryptocurrency Bitcoin (BTC). It predicts its market capitalization could nearly triple to $1.5 trillion as macroeconomic conditions worsen.
During a TV interview, Hendry, known for his insights on macroeconomic trends, stated that Bitcoin would emerge as the most performing asset. Especially when conditions become more uncertain. He predicts that BTC's market capitalization could increase from its current $588 billion to $1.5 trillion.
Hendry paints a picture of Bitcoin's potential growth in the context of the broader asset allocation landscape. He notes that Bitcoin is currently in "a world of asset allocations we call alternatives," which include private equity, commercial real estate, and gold. In his opinion, Bitcoin could triple its value to $1.5 trillion, making BTC half of Apple's capitalization.
Hendry is optimistic that Bitcoin's market capitalization will get a significant boost from a combination of regulatory pressure on other digital assets that are not considered commodities, and an increase in institutional participation. The economist pointed to BlackRock's recent efforts to list a Bitcoin ETF as an example.
Technical Market Outlook:
The BTC/USD pair has been seen consolidating the recent gains in a narrow range located between the levels of $29,556 - $30,646. The intraday technical support is seen at the level of $29,556 and the intraday technical resistance is located at $30,328. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready for another wave up. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 - $31,378
WR2 - $30,802
WR1 - $30,511
Weekly Pivot - $30,226
WS1 - $29,935
WS2 - $29,650
WS3 - $29,074
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
