From March 14, when bitcoin was worth less than $37k, to the 2022 high of $48,160 reached on March 28. BTC was on a steady bullish course, but then it hit a technical hurdle and had a sharp correction on Thursday that sent the cryptocurrency back below the key $45k support level.

BTC/USD never managed to cross its 200-day moving average, which is currently at $48,310, and that just above this indicator is another equally important obstacle – the cryptocurrency’s psychological threshold.

If bitcoin’s decline continues, the next potential support will be the area of $42 thousand. Then already the psychological threshold of $40 thousand.

But despite the current correction, bitcoin can still become a global reserve asset, according to the American investment company VanEck. According to a report published on Twitter (NYSE:TWTR) by one of its executives, bitcoin is 2 times more expensive than gold and can cost $1.3-4.8 million per unit.

True, there is a “but” – VanEck analysts see a much greater likelihood of the Chinese yuan becoming the new reserve currency, although many countries are likely to shuffle their holdings.

“Central banks are likely to shift reserves from the dollar (and the euro and yen) to something else to one degree or another…. So some central banks – and private players too – will diversify their reserves.”

Many experts agree that a certain proportion of such renewed reserves will include cryptocurrencies, with bitcoin being the most likely candidate.