The crypto market showed a slight comeback after a bearish trend. Bitcoin still has a dominance over the cryptocurrency market of over 42%. As Bitcoin prices boomed by more than 8% in the past 24 hours, many other cryptocurrencies made significant gains such as XRP or LUNA. Now that BTC breached the 40K price mark, will the trend continue upward towards 50K? Or will we see yet another fall towards 30K? In this article, we’re going to try and assess the Bitcoin price of today and where it might head towards.
Bitcoin Price up by more than 8%! What happened to BTC?
After last week’s price adjustment, Bitcoin reached an important support area. This price level represents a very strong buy zone for many crypto investors. At that very same price, many institutions opened their positions. That’s why many traders set their stop-loss right below it. In figure 1 below, we can clearly see how prices tend to rebound higher every time they touch this price around 33K.
The recent price surge comes after a heavy fall in prices. This occurred last week, and made prices fall towards this “buy zone”. It is no surprise that we see today surging prices again, despite what’s still happening in the eastern side of Europe.
Bitcoin Price Prediction – Can Bitcoin reach 50K now?
It is clear that the entire crypto market is under a lot of pressure. From one side, the world is watching Ukraine fight with Russia. On another side, the stock market is being affected heavily, as the world lost a big consumer market. From food chains such as Mcdonald’s withdrawing from Russia, to even being isolated from the www, the consequences did indeed affect the entire world.
Cryptocurrencies use the internet. If the internet was to shut off from Russia, it might be bad news as the Russian crypto market is significant. This should have a negative effect on prices. On the other hand, we might see companies and other investors jump to invest in cryptocurrencies. The reason behind this rationale is the falling equity market and the weakening of the euro. That’s why we present two case scenarios.
Case #1: Cryptos up
In this case, Bitcoin prices continue heading higher and break 50K. After this move, anticipation to reach the previous ATH price of 69K should be expected.
Case #2: Cryptos down
For this to happen, Bitcoin price becomes weak and falls back below 40K again. This will drag the entire cryptocurrency market down and in turn, reach lower support areas such as 33K and 28K
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