As the Russia-Ukraine conflict escalated, the value of Bitcoin and other cryptocurrencies plummeted. Bitcoin was priced just around $38,000 in global cryptocurrency exchanges, in the midpoint of its recent range.
Other prominent altcoins have also fallen in value. In terms of the US Dollar, Bitcoin is trying to break through the $40,000 barrier zone.
To begin a sustainable upward movement, BTC must settle above $40,000. If BTC starts to rise, $43,000 would be the next closest resistance level.
Will BTC Price Capture the $50k Mark?
A well-known crypto expert is laying out a strategy for Bitcoin (BTC) to reclaim the $50,000 mark in the next few weeks.
Crypto strategist Justin Bennett delves into BTC’s recent price behaviour in a new strategy session, suggesting that the leading cryptocurrency may have struck a local bottom after staying over $35,000.
For the month of March, he sees a potential setup that might push Bitcoin toward $50,000 in the coming weeks. He claims that BTC has hit two lows [$34,700 in mid-January and $34,700 this week]. For the market, this might be the start of a double bottom.
He said that step one is to get confirmation for this, which is not only above $39,600. The second step is to close above $46,000. That’s the high from back here [about February 11th], thus this is the double bottom pattern’s neckline.
Bennett identifies two critical thresholds that, if met, may propel Bitcoin back beyond $50,000.
He further said that a daily close above $39,600 is required. A daily closing above $46,000 is also a plus.This will cost between $50,000 and $53,000 to expose this region. For the previous few months, this has been a pivotal level on the chart.