So Begins the Rally to the Million Dollar By Investing.com

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Bitcoin Daily Chart

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Investing.com – The rose 2.04% on Thursday, April 28, 2022 to reach $39,432. It is thus, with the and the , one of the few cryptocurrencies to post a profit among the 20 most important cryptocurrencies on the market.

Founder and former CEO of the Bitcoin Mercantile Exchange (BitMEX), Arthur Hayes, believes bitcoin has a bright future. He is firmly banking on BTC hitting the magic million dollar mark before the end of the decade.

In a blog post, Hayes looked at the consequences of the coronavirus pandemic and the war in Ukraine for the world’s largest economies. He fears that the consequences that will follow show that the central banks no longer have control of events.

And as weaknesses in Western financial policies come to light, bitcoin and will be the biggest beneficiaries of the new situation, as Hayes explained:

‚ÄúControl of the yield curve is the endgame. As soon as it is decided, implicitly or explicitly, it is the end of the value of the USD against gold and especially bitcoin. With the control of the yield curve, the way is clear for bitcoin to reach $1 million, while gold climbs to $10,000 to $20,000 There is no other politically defensible option, and the actions against Russia are a guarantee that control of the yield curve will come sooner than we think”.

Technical thresholds to watch on Bitcoin

Bitcoin had recently broken below the support of the 38.2% Fibo retracement at $38,815. However, it managed to end yesterday above this level, which argues for an extension of the recovery in the short term.

This can now continue towards the 50 percent Fibo retracement of $40.607. If the bulls manage to break the resistance located here, gains are possible to the 61.8% Fibo retracement at $42,399.

On the other hand, the 23.6% Fibo retracement of $36,599 offers additional support if the bears knock the 38.2% Fibo retracement down.

By Marco Oehrl

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