The value of bitcoin and other cryptocurrencies has plummeted as the Russia-Ukraine conflict escalates. Bitcoin is trading at just around $38,000 on global cryptocurrency exchanges, at the midpoint of its recent range.
Other notable cryptocurrencies have also depreciated in value. In terms of the dollar, Bitcoin is trying to break the $40,000 barrier.
To start a sustained rally, BTC must settle above $40,000. If BTC starts to rise, $43,000 will be the next closest resistance level.
Will the BTC price break the $50,000 mark?
A leading cryptocurrency expert is developing a strategy for Bitcoin (BTC) to recoup the $50,000 mark in the coming weeks.
Cryptocurrency strategist Justin Bennett delves into BTC's recent price behavior in a new strategy session, suggesting that the leading cryptocurrency could bottom out after surpassing $35,000.
In March, he saw a potential setup that could push bitcoin to $50,000 in the next few weeks. He claims BTC has fallen to two lows [$34,700 in mid-January and $34,700 this week]. For the market, this could be the start of a double bottom.
The first step, he said, is to get confirmation that this is not only more than $ 39,600. The second step is to close above $46,000. That's where the high came back from [about February 11th], so that's the collar of the double bottom pattern.
Bennett identifies two key thresholds that, if reached, could push bitcoin back above $50,000.
He further stated that the daily closing price must be above $39,600. A daily closing price above $46,000 is also a plus. This would cost between $50,000 and $53,000 to expose the area. This has been a key level on the K chart for the past few months.