Bitcoin price dips as Cash App and Robinhood add new BTC features
Experts believe that rising war tensions across Europe coupled with surging interest rates are causing BTC's value to stall.
- Prominent market analyst Peter Brandt believes that Bitcoin's next major breakout will only come sometime during Q2 2024.
- Robinhood has finally released its highly anticipated digital asset trading wallet service WenWallet to over 2 million customers.
- Cash App is now allowing users to invest their paychecks directly into Bitcoin at no extra cost.
Bitcoin, the world's largest cryptocurrency by total market capitalisation, is currently facing a lot of bearish resistance. After having found support around the AUD$63,000 mark on 6 April, the digital asset's value has dipped by nearly 5%. As a result, BTC is now trading at a price point of AUD$58,430.
In terms of Bitcoin's near-term action, many analysts believe that if the flagship crypto is able to maintain its current price action, it could easily scale up to the AUD$63,500–$69,500 range. Independent trader Michaël van de Poppe believes that Bitcoin losing its key support level of AUD$60,000 may result in the cryptocurrency either experiencing a pullback to AUD$48,000 or a major breakout to AUD$76,000.
Veteran trader and market pundit Peter Brandt recently posted a historical trend chart suggesting HODLers may only get to witness BTC's next major breakout during 2024. His prediction coincides with Bitcoin's next halving event, which is scheduled to take place in May 2024 and will result in the currency's block reward ratio reducing from its existing levels of 6.25 BTC to 3.125 BTC. On the matter, he opined:
"The past 2 times BTC advanced 10 times or more required an average of 33 months before the next stage of the rocket kicked in. If history repeats itself (which I do not believe it will), the next rocket stage will be ignited in May 2024."
Lastly, BitMEX's former CEO Arthur Hayers and Bloomberg analyst Mike McGlone believe that while Bitcoin's near-term future appears to be quite bleak — thanks in large part to rising inflation and interest rates across the globe — its mid-to-long-term prospects continue to remain as strong as ever.
Robinhood integrating Lightning network into its crypto wallet service
Since announcing its decision to release a digital wallet over 6 months ago, cryptocurrency and stock trading app Robinhood has finally rolled out its highly anticipated crypto offering called WenWallet to 2 million users.
As part of the ongoing Bitcoin 2022 Conference Miami, the company's chief product officer Aparna Chennapragada revealed that all of the customers who were on the product's official waitlist are now eligible to start sending and receiving a wide range of digital currencies barring certain ERC-20 tokens.
Chennapragada also noted that the coming few months will see WenWallet integrating support for Bitcoin's Lightning network, allowing for its native transaction efficiency (i.e. speeds and gas fees) to improve significantly.
Cash App now allows users to invest their paychecks into BTC directly
Another major announcement that generated a lot of buzz during the Bitcoin 2022 conference was from mobile payment service giant Cash App. A spokesperson for the firm revealed that its US customers can now invest their monthly paychecks directly into BTC via its new Paid in Bitcoin feature at zero service fees.
Disclosure: The author owns a range of cryptocurrencies at the time of writing.