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See our full XRP forecast here.
Bitcoin Gains on Improving Demand Backdrop
While XRP trended lower, bitcoin (BTC) held firm above the crucial $85,000 handle. Investor sentiment improved on optimism that the US and China could restart trade talks, potentially easing tensions. However, the threat of an extended global trade war continues to boost demand for safe-haven assets like gold and potentially BTC.
Global instability has put BTC in the spotlight. Increased BTC demand amid global economic uncertainty may increase political support for the passing of the Bitcoin Act. Senator Cynthia Lummis reintroduced the Bitcoin Act, proposing the US government acquire one million BTC over five years, with a mandatory 20-year holding period.
Adding to the bullish sentiment, the US BTC-spot ETF market ended a two-week outflow streak last week. News of Charles Schwab planning to offer spot crypto trading further points to growing crypto adoption.
BTC Price Outlook: Key Drivers
On April 20, BTC rose 0.24%, building on Saturday’s 0.61% gain to close at $85,241.
In the near term, BTC price action will depend on macro and regulatory developments.
- Bearish Scenario: Tariff hikes, Fed hawkishness, ETF outflows, and stalled crypto legislation, potentially dragging BTC to $75,000.
- Bullish Scenario: A dovish Fed stance, easing trade tensions, bipartisan support for the Bitcoin Act, and ETF inflows could lift BTC toward $90,000.
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