- BTC/USD has been rangebound in recent 24 hours.
- BitMEX CEO Arthur Hayes comes up with an optimistic forecast.
BTC/USD recovered from the recent low of $4,912 to trade at the $5,170 level. A strong move back above $5,000 handle mitigated bearish risks and prompted more optimistic forecasts from prominent industry leaders.
According to BitMEX CEO Arthur Hayes, the Bitcoin price may reach $50,000 in the next 2-5 years. The believes that the monetary policy of the U.S. Federal Reserve and other major central banks made investors on the global financial markets hungry for yields and pushed them towards risky assets. This trend affected the crypto market as a growing risk appetite increased the money inflow to Bitcoin and other digital assets.
Bitcoin’s technical picture
From the long point of view, BTC/USD is capped by $5,500-$5,540 resistance area strengthened bu SMA50 (weekly). Once it is cleared, the upside may be extended towards $6,000 and proceed to $6,440 (SMA100, weekly). On the downside, the nearest support is cleared by the lower boundary of the recent short-term upside channel at $5,000, while a sustainable move below $4,550 (DMA200 will negate the bullish outlook).
BTC/USD, 1D chart