Kraken CEO Jesse Powel says Bitcoin is on track to hit $1 million as governments continue to adopt loose monetary policies.

In a new interview on the H3 podcast, the Kraken head believes that there’s still time to jump on the Bitcoin bandwagon as it is en route to an increase of nearly 1,720% in the coming years.

“It’s still early. I think so, I think Bitcoin is going to be $500,000 easily within the next few years. Look at how much money printing’s going on. Easily we’re going to hit a million dollars in Bitcoin…

At least dabble in it… Put 1-10% of your portfolio, I wouldn’t say go all in, don’t bet your rent money, don’t bet your food money on Bitcoin, but if you have a portfolio of investments you should absolutely have some Bitcoin in there.”

When asked about the thousands of other cryptocurrencies on the market, Powell says that the average investor can look at it like the stock market where it’s often best to stick to the biggest, most well-known names.

“There are thousands of stocks that could buy. There are a lot of ****** stocks that you could buy. Some are like really strong brand names, household names, like Apple, Google, Facebook. I think if, just like with the stock market, if you don’t really know what you’re doing, if you’re not some super deep Wall Street analyst, don’t buy crazy stock #5900, stick to the top guys that you know, that you have a personal connection to the brand. You’re using Apple devices every day so you probably think Apple is a pretty good company. I’d say do that with crypto as well. Don’t pay attention to all the new things coming out constantly.

Just stick to Bitcoin and Ether. If you want to be super safe, I think Bitcoin and Ether are super safe bets. Everything else, it gets more exotic and you get higher returns with more risk, but I wouldn’t look at other things.”

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Blockcap, one of the largest Bitcoin mining firms in North America, has added more than 12,000 additional Bitmain Antminer S19s to its inventory.

The firm is now expecting to have deployed more than 40,000 Bitcoin miners by the fourth quarter, and projects an operational hashrate of roughly 3.5 exahashes per second, or EH/s — equal to roughly 2% of BTC’s currently combined hashrate of 171.3 EH/s.

Blockcap currently mines approximately six BTC each day.

The firm was founded in December 2020 by veterans of major blockchain hosting company, Core Scientific, with Blockcap claiming to have combined the assets of five existing mining companies.

After launching with roughly 13,000 Antminer S19s, and 500 upgraded S17s , Blockcap added another 10,000 S19s to its inventory in mid-February, before acquiring 8,400 new-generation miners from Canaan earlier this month. Blockcap estimates its mining hardware is valued at $270 million n the secondary markets.

In an announcement, Darin Feinsten, Blockcap’s executive chairman, emphasized the company’s intention to bolster U.S.-based hashing power:

“With this latest hardware acquisition, we are doubling down on our mission to become a world leader in the mining of bitcoin and other digital assets. We are moving at high speed to position the United States as a global player in this increasingly strategic industry.”

Bitcoin mining firms are increasingly capturing the imagination of traders, with Fundstrat analyst Leeor Shimron recently noting the four-largest publicly-listed mining firms outperformed BTC by 455% over the past 12 months on average.

“Until a Bitcoin ETF is approved, investors may view public mining companies as one of the only ways to get exposure to Bitcoin,” he speculated.

On March 22, Greenidge Generation announced it plans to go public by combining with a special acquisition company. Greenidge is targeting for its shares to trade on the Nasdaq. The company is majority-owned by private equity firm Atlas Holdings, and possesses its own power generation facility.

Bitcoin price extended its decline below the $55,500 support zone against the US Dollar. BTC is currently recovering, but it is likely to struggle near $55,500 and $56,450.

• Bitcoin failed to clear $58,000 and it started a fresh decline below $57,000.
• The price is now trading well below $56,450 and the 100 hourly simple moving average.
• There was a break below a key contracting triangle with support near $56,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to continue lower if it fails to recover above $55,500 and $56,450.

Bitcoin Price Extends Losses

There was no clear upside break in bitcoin above the $58,000 resistance zone. As a result, BTC broke the $56,450 support zone to move into a bearish zone (as discussed in yesterday’s analysis).

The bears took control and the price even failed to stay above the $55,500 support level. There was a break below a key contracting triangle with support near $56,800 on the hourly chart of the BTC/USD pair. There was also a spike below the $54,500 support and the price tested the $53,750 support.

A low is formed near $53,786, and the price is now trading well below $56,450 and the 100 hourly simple moving average. Bitcoin is currently recovering and trading above $54,500. It cleared the 23.6% Fib retracement level of the recent decline from the $58,400 high to $53,783 low.

Source: BTCUSD on TradingView.com

The first major resistance is near the $55,500 level. The next major resistance is near the $56,000 level. It is close to the 50% Fib retracement level of the recent decline from the $58,400 high to $53,783 low.

The main resistance is now forming near the $56,450 level, above which the price might revisit the key $58,000 breakout resistance zone.

More Losses in BTC?

If bitcoin fails to correct higher above $55,500 and $56,000, there are chances of more downsides in the near term. An initial support is near the $54,000 level.

The key support is now near the $53,750 level, below which the bears might aim a test of the $50,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $54,000, followed by $53,750.

Major Resistance Levels – $55,550, $56,000 and $56,450.