Bitcoin

Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) could be facing <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">resistance</a> at key round number levels of $30,000 and $2,000, with the potential for a <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock market</a> downturn with the Federal Reserve tightening into a recession that could affect all risk assets.Bitcoin and Ethereum have had a pivotal status since 2020, with definable diminishing supply and low but increasing adoption making a strong case for long-term bullishness.On April 21, Bloomberg senior commodity strategist Mike McGlone <a href="https://twitter.com/mikemcglone11/status/1649376033362042880/photo/1" rel="noopener noreferrer nofollow">stated</a> that the yield curve’s highest probability since 1982 suggests a growing consensus that the worst of a US recession may be over. However, this could potentially lead to large pullback risks, according to McGlone.<blockquote>McGlone tweeted: “Bitcoin and Ethereum — may be running into a wall of resistance at the key round number levels of $30,000 and $2,000. Our bias is bullish in the long term for the top cryptos, but an overwhelming force of the stock market going down with the Fed tightening into a recession has the potential to lower the tide for all risk assets, and Bitcoin and Ethereum are among the riskiest.”</blockquote><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0ef2d929dd0d4d9eae000e440d28cb7f.jpg" />Bitcoin and Ethereum are among high-risk assets. Source: Mike McGlone<h2 id="header-0">Bitcoin and Ethereum</h2>The future of Bitcoin and Ethereum is closely tied to technological advancements and increasing adoption. Many experts believe that these <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> will continue to gain mainstream acceptance as more businesses and individuals recognize the benefits of decentralized financial systems.Since the turn of the year, Bitcoin has experienced a notable increase of approximately 70%, while Ethereum has climbed just above 60%. Interestingly, a recent <a href="https://finbold.com/historical-pattern-emerges-as-bitcoin-value-equals-15-eth-again-after-6-years/" rel="noopener noreferrer nofollow">historical pattern</a> has emerged as the value of Bitcoin has again reached 15 ETH after six years.Despite the impressive performance of these digital assets and surpassing key price levels of $30,000 and $2,000 in April, both have experienced significant pullbacks in the last week. At present, Bitcoin is trading at $28,077, down 1.88% on the day and 8.91% over the previous week. Meanwhile, Ethereum, the second-largest asset by market cap, is currently trading at $1,908, down 1.75% in the last 24 hours and 9.86% in the last week.While Bitcoin and Ethereum’s recent pullbacks may cause temporary concern, their overall upward trend and potential for long-term growth remain. Investors should remain vigilant of potential downside risks, especially in light of broader market conditions.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com.</a>

Expert predicts major pullback for Bitcoin and Ethereum as US recession looms

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Andre artikler udgivet 24. apr. 2023

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