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  • Bitcoin retreated below SMA50 1-hour amid growing market uncertainty.
  • The chief executive of Three Arrows Capital expects rapid growth towards $50,000.

Bitcoin (BTC) is changing hands at $5,150. The coin retreated from an intraday high above $5,400 as the upside momentum faded away amid another bout of volatility caused by recession fears. On a day-to-day basis, BTC/USD has gained lost 2%, while its market share stayed at 63.2%.

BTC/USD: Technical picture

From the short-term point of view, BTC/USD has been moving in a tight range since Monday. Currently, BTC/USD slipped below SMA50 1-hour at $5,150, which is a worrying signal. The next support is seen at $5,000 and there is hope that the sell-off will be contained here. If it is broken, the sell-off will gather pace and take the price towards $4,800. 

On the upside, BTC will need to return above $5,150 to mitigate the initial pressure and bring $5,400 back into focus. Once it is out of the way, the upside is likely to gain traction with the next focus on $6,000 (March 15 high is at $5,974) and $6,100.

BTC/USD 1-hour chart

According to the chief executive of Three Arrows Capital, Su Zhu, Bitcoin may catapult to $50,000 amid currency crisis erupted in emerging countries and the recent $700-bln QE initiative by the US Fed. 

This is, in theory, the moment Bitcoiners have been waiting for several EM mkts are now pricing in significant risk of sovereign defaults USD itself set on an inflationary course it will be hard to turn back from. If $BTC mkt holds these lvls, 50K relatively quickly is possible.