- The Central African Republic has adopted Bitcoin as legal tender, making it the second country in the world to accept BTC.
- Lawmakers at CAR unanimously approved a bill that legalized the use of cryptocurrencies in the country and made Bitcoin and the CFA Franc legal tender.
- Analysts believe Bitcoin price is in the final step before a massive rally, set target at $49,000.
Bitcoin price could recover from its recent pullback with several bullish updates across the BTC ecosystem. Many analysts are bullish on Bitcoin price and predict a run to $49,000.
Bitcoin price could make a comeback following bullish announcements
Bitcoin price is on track to recover recent losses with a bullish turn of events. The Central African Republic, a landlocked African nation, announced its acceptance of Bitcoin as legal tender alongside the CFA Franc.
This decision is a watershed moment for BTC holders as CAR is the second nation in the world to adopt Bitcoin alongside its fiat currency. Lawmakers at CAR made the unanimous decision to welcome BTC and identified it as a legal method to make payments across the country.
Back in September, El Salvador’s announcement of recognizing BTC as legal tender in its country fueled a bullish sentiment among retail and institutional investors worldwide. Proponents expect CAR’s announcement to have a similar impact on Bitcoin price.
OFFICIAL: The Central African Republic has adopted #bitcoin as legal tender pic.twitter.com/f8ft3sh0Va
— Bitcoin Magazine (@BitcoinMagazine) April 27, 2022
Currently, two other catalysts are driving the Bitcoin price. Fidelity Investments, an American brokerage firm, revealed plans to roll out Bitcoin investing for 401(k). MicroStrategy, famous for its aggressive Bitcoin accumulation, announced plans to offer employees access to Bitcoin retirement plans through Fidelity’s service.
MicroStrategy looks forward to working with @DigitalAssets to become the first public company to offer their employees the option to invest in bitcoin as part of our 401(k) program.https://t.co/Za33yj82Qv
— Michael Saylor⚡️ (@saylor) April 26, 2022
Another exciting investment product, a hybrid ETP that includes both Bitcoin and Gold, was launched by 21Shares; this could offer investors a hedge against inflation. 21Shares and ByteTree revealed BOLD ETP comprises 18.5% Bitcoin and 81.5% Gold.
Proponents believe the introduction of several Bitcoin-based and backed investment products in the market and the asset’s acceptance as legal tender are significant events that could contribute to a price hike in BTC.
@TATraderAlan_, a crypto analyst and trader, believes Bitcoin price is in the last step before breaking out in a massive uptrend. The analyst has set a bullish target of $49,000 for the Bitcoin price. At time of writing, BTC/USD is trading at the $39,000 area.
Extremely Similar Structure
— Trader Tardigrade (Technical Analysis) (@TATrader_Alan) April 26, 2022
❇️ ❇️ RED CANDLE APPEARS ❇️ ❇️
We are in the FINAL step before $BTC BULL RUN
RT Appreciated
On-chain Data ✅
Crypto News ✅
Traders Sentiment ✅
TA Indicators ✅
Market Structure ✅
WE ARE READY pic.twitter.com/1eYbfK5rpR
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.