The BTC price has pulled back from its lifetime high above $58,000 reached on Feb 21. The digital asset is hovering just below $48K as it encounters intense resistance near the $50,000 psychological level.
As of this article’s writing, the BTCUSD exchange rate is down 1.8% at its price of $47,770. Despite the current lack of momentum, the top crypto is far from reaching the top of its current bull cycle, according to a recent report from Kraken Intelligence.
BTCUSD Chart By TradingView
Kraken analysts argue that BTC is not yet in “overbought” territory and could shoot up to $75,000 in the next few months.
Despite enduring a sharp correction, the flagship cryptocurrency is still up 62% year-to-date as it continues to show resilience amid a struggling global economy.
Mark Cuban is Convinced of Crypto’s Staying Power
Celebrity investor and entrepreneur Mark Cuban recently came out to defend cryptocurrencies, asserting that their emerging technology is suited to address society’s current and future needs.
The billionaire investor was responding to claims by long-time gold bug Peter Schiff that “smart investors” on Wall Street were making a dumb decision to invest in BTC and other digital assets.
Schiff, who had earlier slammed his son for buying crypto, attacked the digital asset class, claiming that early BTC investors had pumped up prices and were now dumping into the hype.
These assertions were met with a sharp-tongued response from Cuban, who took it upon himself to school Schiff on the often misunderstood crypto industry and its underlying potential.
The Dallas Mavericks owner argued that gold is dying as a store of value at the hands of cryptocurrencies such as BTC, as it cannot be upgraded and has limited use in the future.
“BTC/Eth are technologies that can make you a banker, allow friction-free exchange of value, and are extensible into an unlimited range of biz and personal applications,” Cuban explained.
ETH and BTC Shown Resilience Amid Royal Macro Beating
Despite being down from their recent 2021 highs, ETH and BTC are showing more resilience than their traditional markets counterparts amid a turbulent macro environment.
One top economist and investor hailed the two titan crypto assets for their show of strength over the last week, during which the stock market plunged and precious metals saw a sharp selloff.
Alex Kruger tweeted that this resilience was bullish for the top digital assets, which he described as having withstood a royal macro beating like champs.