Cryptocurrency Market Analysis [April 25]
Cryptocurrency Practical Investment Article April 25
To all subscribers
If you have topics you’d like us to cover
or any questions, please contact us.
Q&AWe will introduce some of them in the corner.
【Winner of 5th place in the MagMag Magazine Awards】
The major newsletter site of 2020,
MagMag announced the Newsletter Grand Prize
and we were able to win the award.
※The MagMag distribution has ended for now
and has moved to this article.
【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies since last week
(one week) are summarized as follows
Summary: Current price (change from one week earlier)
※From now on, prices are shown in dollars. (Since much information about cryptocurrencies comes from overseas, dollar denomination is easier to express.)
※1Dollar = 134 yen
Bitcoin27,400dollars (-7％)
Ethereum182 dollars(-12%）
Binance Coin330dollars(-3％）
Ripple0.45dollars（-10％）
Solana25dollars(19%)
Cardano0.38dollars（-12%）
Polkadot5.8dollars（-12%）
Avalanche 17dollars(-16%)
Uniswap5.3dollars（-12%）
Bitcoin has maintained around 30,000 dollars since last week, but recently experienced a large downward adjustment to around 27,000 dollars.
Bitcoin Daily Chart
From the current perspective
○Target price is 32,000 dollars (May last year level)
○200-day moving average just broke to the upside
and the uptrend remains in place.
The weekly chart analysis is as follows.
Weekly chart
・Broke above the 200-day moving average (orange line) and rising
Looking at the current price on the weekly chart, it is at the level of the significant drop in May 2021 and the price level before the July 2022 drop.
This price range seems to be being watched now.
The current decline in the cryptocurrency market, led by Bitcoin, is said to be partly due to mysterious fund outflows from MetaMask.
MetaMask is a web wallet focused on Ethereum, and news emerged that funds were being stolen from it.
Older wallets,Apple’siPhoneandmacupdates were not kept up to date, etc., but the matter has now become clear.
I personally have not seen anyone I know whose funds were stolen.
Bitcoin expected to reach $100,000 by end of 2024
Standard Chartered Bank, a major financial institution, stated that the price of cryptocurrency BitcoinBTC could rise to100,000 dollars (about1,340ten thousand yen) by the end of 2024.
Financial sector instability in the US and Europe has boosted Bitcoin's value
That end-of-year $100,000 Bitcoin was discussed during the previous bubble (up to 2022).
Recently, concerns about the dollar’s credibility have been spreading. There is a growing trend to abandon the dollar and adopt other currencies.
In such a situation, will there be an alternative to the dollar?
Another Bitcoin analysis recently suggested it could rise to $60,000 and then fall, applying a 2019 chart analysis, but either way, predictions of Bitcoin rising toward year-end are becoming more noticeable.
Zimbabwe Central Bank plans to issue a digital currency backed by gold.
The Reserve Bank of Zimbabwe (RBZ: central bank) reportedly announced that to stabilize the domestic currency, a gold-backed digital currency will be introduced soon, according to local mediaThe Sunday Mail. This digital currency would be issued backed by gold held by the RBZ and would be used as legal tender for domestic transactions, with the government aiming to stabilize a currency that continues to fall against the US dollar.
Along with concerns about the dollar's credibility, discussions have pointed to gold as an alternative.
With virtually no value left for its own currency and having experienced hyperinflation, Zimbabwe plans to issue a digital currency secured by gold, suggesting that in such countries, where many people do not have bank accounts, digital management is beneficial due to high smartphone penetration.
In Zimbabwe as well, Bitcoin can be seen as a de facto currency similar to El Salvador.
Nevertheless, there is a sense from these countries of trying to increase asset value on their own without relying on external assets.
※In the paid subscription section, we carry out deeper stock analysis. We want to invest beyond Bitcoin and Ethereum as well. If you wish to understand future cryptocurrency market trends and ride the wave, please consider subscribing. Continuous research is very important.
(This article has been distributed since 2016)
