Crypto Briefing 4/25/23 – The Forecast

Crypto Briefing 4/25/23

Crypto Briefing 4/25/23

If Bitcoin does not begin a second leg within the next three trading days, there is a high probability that it will remain in a trading range. Short-term resistance for BTC is at $28,500, and it is possible that additional bank failures could spur the speculative buying of Bitcoin. What we aim to highlight in today’s brief is that not even assets like gold or Bitcoin are immune from a crash.

Should we see a systemic event that causes panic within the traditional financial system, then few assets will be spared from depreciation. While gold will often hold up stronger than equities, it can sometimes track the stock market for better or for worse. Even though there is a narrative that Bitcoin will be the alternative to the banking system, we still favor it performing poorly in a declining market, regardless of the circumstances.

XRP has not declined too heavily in price and still exhibits signs of strength. With there being a high probability of a settlement occurring in 2023, the market is not willing to let this digital asset decline too much. Even if Ripple does not win the lawsuit in the United States, the European Union just announced the creation of a regulatory framework for crypto. As a result, there will continue to be international opportunities for digital assets in spite of the SEC’s hostility to this sector.