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
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Bitcoin Price Crash BELOW 40K! Why is Bitcoin Down Again?
- Crypto Comeback! Bitcoin up by more than 10%, Buy Bitcoin NOW?
- SHIB’s Burn Rate Soars: Can it Ignite a Price Rally in 2023?
- Bitcoin Price Prediction – BTC reaching 50K again! Here’s what to do
- Bitcoin dips below 40K – Why is Bitcoin Price Down? Buy BTC ASAP?
- Bitcoin Price Recovers while Altcoins SHOOT! Is it Time to Swap to Alts?
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Bitcoin Price Prediction – BTC Breached 40K! Will it climb to 50K next?
- Bitcoin Price Prediction – Bitcoin breaches 40K, but will it Drop Back?
- Can Shiba Inu Price Reach 10 Cents?
- Bitcoin Price Consolidates! Did the Bullrun END for $BTC?
- Bitcoin Price $BTC above 38K! Bear Market Over? Look at US Equities!
- Bitcoin price is Consolidating! Here’s why this is a good thing
- Ripple Price Prediction – How High will XRP reach in 2050?
- INSANE! Bitcoin Surpasses ALL-TIME HIGH and Eyes 70K! Here’s What’s Next
- Bitcoin Price is CONSOLIDATING! Day Trading Heaven?
- Ripple Price Prediction – How High will XRP Reach in 2025?
- Bitcoin Price Prediction – LAST Chance to Buy Bitcoin around 40K?
- THIS MUST HAPPEN for Bitcoin to go back UP!
- Bitcoin Price TANKS back to 60K – Should you Start Day Trading?
You might also like
More from Bitcoin
Bitcoin Price falls below $27,000 again – is the Crash CONFIRMED?
Bitcoin price fell quickly again and got back below the $ 27,000 mark. Is this a sign that the Bitcoin …
Bitcoin Price Down -10%! Will Bitcoin crash to 20K?
Bitcoin price prediction: In this article, we explore the reasons behind the drop in Bitcoin's price and assess the likelihood …
Bitcoin Price Prediction for May 2023: Time to BUY Bitcoin?
Why is Bitcoin down? Should you Buy Bitcoin now that prices fell dropped? Let's analyze in this Bitcoin prediction article.