In a continuation of form, Bitcoin has managed to break key resistance levels at $8,500 and $8,800. And with each passing day, signs the crypto market is entering a new bullish phase become increasingly compelling. But, at the same time, talk of an incoming recession is getting louder and louder. That being so, some are wondering whether Bitcoin and cryptocurrency will have an opportunity to usurp legacy systems.
Key economic indicators point to a slowdown in the US economy. For example, US car sales fell 6.1% in April to 16.4 million units, the lowest level since October 2014. Economist and financial writer, David Rosenberg, noted that this is the weakest year on year trend since 2011.