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.

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.

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.

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

This week was an exciting one for Bitcoin and cryptocurrencies. Prices soared more than 25% after an extended bearish trend. Many traders already predicted this move, as prices were hitting a strong support area for most cryptocurrencies. For Bitcoin, prices behaved similarly and rebounded from the strong support level of USD 28,000. Now that the 40K price was breached, what is next for Bitcoin prices? In this Bitcoin price prediction article, we analyze what has happened so far and give trade setups.

It was no secret that a Bitcoin comeback was inevitable. Prices have been consolidating for an extended period of time, especially after an earlier market crash. When BTC prices reached the strong support of USD 28,000, two scenarios presented themselves. Either a break in prices lower towards the 20K range or a break upwards towards the 40K. The second case scenario happened, and it happened quickly! We at CryptoTicker did predict this massive move upward in different articles. We first analyzed the relationship of stablecoins with crypto trends. Later, we published a trade setup that showed how BTC prices were moving towards 40K, and this is exactly what happened today...you're welcome ;)

Within one week, prices managed to increase from USD 32,000 all the way towards USD 40,000, then adjusted back to the current price of USD 39,700. This resulted in a price increase of more than 25% in 1 week!

After this great trend reversal, we can only assume that prices continue in their uptrend. It looks like the buying momentum is back on track, and the fundamentals are shaping up in place. Not only are people rushing to buy cryptos, but Elon Musk also is trying to pump cryptos again through his Tweets about Dogecoin.

Despite the recent price rally, Bitcoin prices are still inside a consolidation zone. This area is delimited between 30K and 40K. Bitcoin prices need to break above the 40K in order to get out of their sideways trend. Before this happens, prices might still adjust lower towards 36K as part of potential profit-taking.

In the past 7 days, the crypto market rose well above 30% in valuation. Bitcoin and XRP rose the most from the top 10, 23% and 21% respectively. Outside the top 10, AXS and QNT made headlines with a rise of 83% for each. AMP also managed to gain around 70% in market cap. On the other hand, COMP and KuCoin Tokens didn't make it like the rest of their crypto peers. They both lost 4% and 3% respectively.

1- Bitcoin (BTC) : + 23.20 %

2- Ether (ETH) : + 14.39 %

3- Tether (USDT) : 0 %

4- Binance Coin (BNB): + 6.67 % 

5- Cardano (ADA) : + 8.76 % 

6- Ripple (XRP) : + 21.06 %

7- USD Coin (USDC) : + 0 %

8- Dogecoin (DOGE) : + 6.39 % 

9- Polkadot (DOT): + 13.85 %

10- Binance USD (BUSD) : + 0 %

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Rudy Fares