Crypto Industry News:
Following El Salvador's historic adoption of Bitcoin as legal tender, Cardano founder Charles Hoskinson predicts that many more countries will follow in the footsteps of the Latin American nation.
El Salvador's acceptance of Bitcoin further justifies the belief that people should be in control of their money, Hoskinson said in his YouTube video "Congratulations Bitcoin."
The founder of Cardano expressed his belief that cryptocurrencies are the future of money as the younger generation will inevitably result in massive cryptocurrency adoption.
"Most people under the age of 25 are positive about cryptocurrencies, and many are. This is the future. Their children will grow up with these values and beliefs about the nature of money" - he said.
Hoskinson also predicted that more countries around the world would accept cryptocurrencies as part of various government structures:
"In the coming years, many more nation states will use cryptocurrencies as part of their monetary policy, either as reserves with their central banks, or as a cryptocurrency bus for central bank settlements, or potentially simply adopting cryptocurrency - as El Salvador has done - and making it a currency domestic"- he added.
Technical Market Outlook
The BTC/USD pair has bounced towards the level of $47,557 and is developing a triangle pattern. The bears are in full control of the market as the price might be heading towards the level of $45,043, the last technical support before $43,159 level. The weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $59,047
WR2 - $55,505
WR1 - $54,221
Weekly Pivot - $49,999
WS1 - $48,690
WS2 - $44,656
WS3 - $43,452
Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).