The current economic crisis will favorably affect the first cryptocurrency and allow it to reach $20,000 within a year. This is stated in the appeal of Dan Morehead, Pantera Capital CEO, The Daily Hodl writes.
Morehead noted the massive impact of the crisis on the global economy, comparable to the recession of the post-war years:
“This crisis is not like the previous ones. It will surely put an end to the long economic boom and affect the global economy more than any other decline in recent history.”
At the same time, the resulting deficit will serve as an impetus for the growth of the cryptocurrency price, the head of Pantera Capital believes.
“Bitcoin was born in a financial crisis. It will come of age in this one. Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-erasable – stocks, real estate, cryptocurrency relative to the price of money. Said another way, the BTC/USD cross-currency rate will rise, “Morehead said.
To establish a new price record, he said, the first cryptocurrency needs 12 months:
“Institutional investors will need 2-3 months to settle current problems with portfolios. Another 3-6 months will be spent searching for new opportunities, such as bad loans, special cases, cryptocurrencies and so on. Then, when they begin to invest, these markets will move on to growth.”
Based on the future growth of bitcoin, Morehead builds Pantera Capital’s strategy:
“My only job is to manage money in the cryptocurrency market. I strongly believe that the established policy will ultimately play into the hands of cryptocurrencies.”
In April 2018, Dan Morehead claimed that cryptocurrency market capitalization could easily reach $40 trillion.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin was in the flat with a price range of $6,500-6,985. Now, the price of bitcoin is $6,600. In the future, there is a high probability that the price of bitcoin will go down. The nearest resistance levels are $7,100, $7,300, $7,660, $8,000, $8,020, $8,140. The nearest support levels are $6,500, $6,400, $6,250, $6,000, $5,780, $5,450, $5,000, $4,840, $4,440, $3,900, $3,700.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum was in the flat with a price range of $134-143. Now, it is $135. In the future, there is a high probability that the price of ethereum will go down. The nearest resistance levels are $143, $152, $161, $170. The nearest support levels are $134, $127, $120, $115, $110, $99, $88.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple was in the flat with a price range of $0.1570-0.1660. Now, it is $0.1610. In the future, there is a high probability that the ripple price will go down. The nearest resistance levels are $0.1680, $0.1750, $0.1850, $0.1980, $0.2050. The nearest support levels are $0.1570, $0.1520, $0.1420, $0.1370, $0.1280, $0.1140, $0.1050.
