First Mover: Bitwise Calls $50K Bitcoin Price When Market Calm Finally Breaks

By Bradley Keoun

Bitcoin has traded in an ever-tightening range for two months, and digital-market analysts say a new wave of coronavirus cases and emergency measures could provoke the largest cryptocurrency by market cap out of the doldrums.

The backdrop is an anemic economy, with the International Monetary Fund projecting last week that global output will shrink 4.9% this year: worse than its April forecast for 3% contraction. Confirmed deaths from the coronavirus passed half a million on Sunday, and authorities from China to the U.S. states of Florida and Texas enacted new restrictions to curb rising caseloads. The World Health Organization has also warned the worst is yet to come

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