By As the market shows tentative signs of revival ahead of US nonfarm payroll, the Bitcoin price recently halted its downward trend and surged past the $59,000 mark, reaching an intraday high of nearly $59,992. This movement comes amidst a broader uptick in the cryptocurrency market, where peers like Ethereum, Dogecoin, Ripple, Solana, and Litecoin also experienced gains.
Overall, the global crypto market cap escalated to $2 trillion, reflecting an over 2% increase within 24 hours. This suggests bullish Bitcoin price predictions, particularly in light of recent economic cues from the Federal Reserve indicating a pause in interest rate hikes.
Federal Reserve’s Decision Stabilizes Bitcoin as US Dollar Dips Ahead of US Nonfarm Release
Federal Reserve Chair Jerome Powell’s recent announcement indicated no further interest rate hikes, impacting financial markets significantly. This policy shift has softened the US dollar’s stance, which in turn has bolstered Bitcoin prices. Although immediate rate cuts aren’t on the table, the possibility remains open for future adjustments, further influencing market dynamics.
Upcoming Data: Traders are keenly awaiting the Non-Farm Payrolls (NFP) report.
Expected figures: The report is likely to show 243,000 new jobs added in April, with the unemployment rate holding at 3.8% and a slight decrease in Average Hourly Earnings growth to 4.0% annually.
This economic backdrop sets the stage for potential shifts in investor strategy across both currency and crypto markets.
Rising M2 Money Supply Signals Bullish Prospects for Bitcoin Amid Inflation Concerns
The M2 Money Supply, which includes all cash and short-term bank deposits, has shown positive growth year-over-year as of May 1, the first such increase since November 2022. This change suggests a surge in liquidity within the U.S. economy, typically prompting investors to consider assets like Bitcoin that historically perform well during inflationary periods.
M2 Money Supply has flipped positive. #Bitcoin pic.twitter.com/KKl8rLhoaT
— Thomas | heyapollo.com (@thomas_fahrer) May 3, 2024
Market Dynamics: Despite consistent sell-side pressure noted by crypto analysis firm Glassnode throughout April, Bitcoin has demonstrated notable market resilience. Although its price dropped 3% over the past 30 days, it traded around $59,140 at the time of writing.
Expert Insights: Prominent trader Oliver L. Velez and the crypto trading account InvestAnswers have expressed bullish sentiments, advising followers to view any price dips as buying opportunities and to anticipate significant performance gains for Bitcoin.
This shift in the M2 Money Supply has not only reinforced Bitcoin’s stability but also invigorated the market with a wave of optimistic price predictions. As liquidity increases and more traders look to hedge against inflation, Bitcoin’s market value is expected to see a bullish trend.
Arthur Hayes Foresees Bitcoin Price Climbing to $70,000 Amid Bullish Market Indicators
Arthur Hayes, the former CEO of BitMEX, forecasts a steady increase in Bitcoin’s price to $70,000, signalling optimism for the cryptocurrency’s future. He suggests that Bitcoin might have found its local bottom, predicting that it will stabilize between $60,000 and $70,000 until August. Hayes links recent market dynamics to various factors:
Market Influences: U.S. tax season pressures, anticipation of the FOMC meeting outcomes, and reactions to the upcoming Bitcoin halving event.
Economic Context: The Federal Reserve’s tapering of quantitative tightening and the U.S. Treasury’s increased debt issuance suggest a favourable outlook for cryptocurrencies.
Tweet of the Day.
Arthur Hayes, co-founder of #BitMEX, predicts that Bitcoin has hit a local bottom and will gradually rise over the next few months.#btc $btc #eth #eth @CryptoHayes pic.twitter.com/DAbJt00cEJ
— CRYPTO WISDOM with NEEL (@cryptowisdom7) May 3, 2024
Supporting Hayes’ outlook, industry experts like Jeff Ross from Vailshire Capital Management and analysts at MatrixPort also see the potential for a bullish phase, especially following Bitcoin’s typical post-halving sideways movement.
Bitcoin Price Prediction
Bitcoin’s pivot point stands around $59,570. A break above this level could signal a shift towards a more bullish bias, potentially pushing prices towards immediate resistance at $61,700. Further escalations could see BTC targeting higher resistance levels at $64,650 and $67,065.
Conversely, if Bitcoin fails to sustain above $59,570, it could face downward pressure, with initial support placed at $56,625.
Bitcoin Price Prediction – Source: Tradingview
Subsequent supports are observed at $55,055 and $53,000, which could play critical roles in cushioning any further declines.
Technical indicators like the RSI at 48 suggest a neutral market sentiment, while the 50-day Exponential Moving Average at $61,321 provides a near-term benchmark.
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