While investors questioned whether Bitcoin was a safe haven despite Russia’s attack on Ukraine, the King cryptocurrency hovered around $40,000.
Ether fell 0.4 percent to $2,669. Dogecoin was down 1% at $0.125566, while Shiba Inu was up 2.4% at $0.00002487. Polkadot and Solana were mixed for the past 24 hours, leading cryptocurrencies lower.
BTC price action
Over the last 24 hours, BTC/USD has moved in a range from $38,777.04 to $40,927.36, exhibiting significant volatility.
Bitcoin price is starting to turn higher as no further downside has been hit since yesterday.
The pullback started on Thursday with a powerful downside momentum, resulting in a quick move towards the previous resistance point around $39,500. Support was finally reached at $39,000 late yesterday, signaling that the pullback is over.
Later in the weekend, the price of Bitcoin should reverse its current level, which implies that a new high will be established. In general, BTC/USD is expected to rise again, probably starting next week with another rally, unless a further drop is reached in the next 24 hours.
Move to an impending $50K soon!
According to Nigel Green, CEO of financial advisory firm deVere Group, the top crypto asset Bitcoin (BTC) is likely to rise to $50,000 in the near future.
According to a new corporate blog post, due to rising geopolitical tensions and growing interest from blue-chip investors, the top digital asset by market cap is forecast to top $50,000 in March.
He says that as things stand, he doesn’t see why this price push shouldn’t continue. By the end of this month, he believes that Bitcoin will have reached $50,000. It is still too early to tell if it will then rise to all-time highs of $68,000 in November 2021, he added.
He further explains that the war between Ukraine and Russia has wreaked havoc on the financial system, and people, companies, and even government agencies, not only in the region, but around the world, are looking for alternatives to established methods.
“As banks close, ATMs run out of money, threats of personal savings being taken to pay for the war, and the main international payment system SWIFT becomes a weapon, among other factors, the case of a viable, decentralized, borderless, tamper-proof, unconfiscatable monetary system has been laid bare.”
Institutional investors pouring more money into the nascent business, according to the CEO, will also fuel the rise of Bitcoin. As more institutional investors take control of the industry, credibility grows, trading volumes improve and volatility decreases; This is all good news for average investors, he said.
This post Bitcoin (BTC) Price Hitting $50 Looks Imminent in March! This is why? – Coinpedia – Financial Technology and Cryptocurrency News Media
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