Early on April 16, cryptocurrencies were trading in the green. The worldwide crypto market capitalization is now $1.89 trillion, up 1.14 percent from the previous day. The overall crypto market volume over the last 24 hours has decreased by 19.60 percent to $62.15 billion.
It’s reasonable to say that the Bitcoin Price performance over the last week or two has been less than stellar. At the start of the month, it took a couple of swings at $47,000, but the inability to decisively reclaim that level meant problems.
The bears took command of the market and drove BTC down. As a result, the asset first dropped to $45,000 before plummeting to $43,000. The situation has deteriorated in recent days, with bitcoin falling below $40,000 for the first time in a month.
Yesterday was a rather quiet trading day, with BTC trading at approximately $40,000 for the majority of the day. The bulls, on the other hand, reminded the market of their existence and drove bitcoin north a few hours ago. As a result, bitcoin’s price has risen to slightly over $41,000.
Nonetheless, with a weekly loss of more than 5%, BTC’s market capitalization remains significantly below $800 billion.
Uncertain outlook for BTC
According to macro expert Lyn Alden, a new economic component is making predicting the price of Bitcoin (BTC) for the next six months increasingly challenging.
In a new interview with Kitco News, Alden claims that the flagship cryptocurrency’s near-term prospects are uncertain due to stagflation, an economic condition caused by excessive inflation and high unemployment.
He explains that in the next six months, it’s highly questionable since, historically, the majority of Bitcoin’s bull run activity has occurred within rising PMI [purchasing managers index] conditions. Bitcoin tends to do very well when there is favorable liquidity and risk-on behavior.
Bitcoin has typically been harmed in decreasing PMI settings. What’s new is that Bitcoin has never actually been exposed to a stagflationary environment in big developed markets, so that’s a completely new factor.
Despite the uncertainties, according to the macro researcher, Bitcoin remains a superior investment to other assets. He adds that Bitcoin will continue to exist due to its excellent underpinnings.
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