Bitcoin and cryptocurrency prices have ricocheted over the past week as the Russian invasion of Ukraine first dragged markets down and then sparked a rally in bitcoin and crypto.
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The price of bitcoin, after falling to $35,000 per bitcoin last week, rebounded to $45,000 this week following increased interest in bitcoin from Russian billionaires and oligarchs fearing punishment. The other top ten coins Ethereum, BNB, Solana, Cardano, and XRP also saw high price volatility.
The price of bitcoin has now fallen as fears mount that the situation between Russia and Ukraine could trigger tough new crypto regulations. However, many bitcoin and crypto investors are feeling bullish and making bold predictions about crypto prices.
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“As things stand, I see no reason why this price momentum should weaken,” Nigel Green, chief executive of financial advisory group deVere, said in emailed comments, predicting that the price of bitcoin will hit $50,000 before the end of March.
“It is still too early to tell whether it will then reach the all-time highs of $68,000 from November 2021. However, it is not such a big jump from $50,000 to $68,000 and the world and the The crypto market are moving at an accelerating rate lately.It’s certainly not out of the realm of possibility.
Green pointed to the situation between Ukraine and Russia and the “significant financial upheaval” it has caused as the reason for the latest bitcoin price surge.
“As banks close, ATMs run out of cash, personal savings are threatened to pay for the war, and the main international payment system SWIFT is armed, among other factors, the case of a viable, decentralized system, without borders, inviolable, unconfiscatable monetary system has been laid bare,” he said, adding that “the reserve status of the dollar could, eventually, be in jeopardy.”
Meanwhile, the bitcoin and crypto market came under pressure along with equity markets following comments from Federal Reserve Chairman Jerome Powell who said the Fed would go ahead with the hikes. interest rate forecast this month.
“Bitcoin is developing a correction,” FxPro senior financial analyst Alex Kuptsikevich wrote in an emailed note. “The momentum of pressure in the crypto market was due to falling equity indices, as the Fed gave policy tightening signals. Technical factors also contributed to the negative momentum – the inability to overcome strong resistance at the 100-day moving average and mid-February highs around $45,000.”
Last week, “bitcoin apparently broke away from the S&P 500, hinting at the possibility that the Russian-Ukrainian conflict has boosted demand for the alternative to digital gold and subsequently caused a rally on the industry-wide,” Messari analysts wrote in an emailed note.
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However, others have warned that bitcoin price needs to climb above $44,000 per bitcoin before “bullish” momentum returns.
“Bitcoin sold off to retest the 20-day moving average at around $41,000 after the impressive 32% rally over the past week,” said Marcus Sotiriou, analyst at GlobalBlock, a digital asset broker based UK. “Bitcoin failed to get a higher high on the daily time frame as it closed below the key $44,600 level. Bitcoin is not bullish on the daily time frame until this level is recovered .