Bitcoin price is taking heavy water as the ship is caught in a storm in financial waters. However, according to crypto analyst Filip L, next week, BTC price looks set to bounce back to $50,000 in two stages based on a relief rally. The analyst states that during this process, investors can earn profits.
The analyst’s roadmap for Bitcoin
cryptocoin.com As you can follow from the news, the turmoil in the global markets was mostly caused by the geopolitical tension in Ukraine and the unclear message given to the markets in the Fed minutes. Bitcoin (BTC) price has had a rough week. However, the analyst makes the following assessment:
While the markets are bolstered by some positive news from Russia or Ukraine, expect traders to shed any tension and prepare for a week of solid earnings with headwinds for Bitcoin price action to surge to $50,000 next week.
While markets focus only on Russia and Fed minutes, US President Joe Biden is preparing to issue a regulatory framework for cryptocurrencies. The analyst predicts that the initial reaction will be that any regulation will limit the upside and trigger a broad sell-off in the crypto space. But looking beyond the headline, this development offers good news for Bitcoin and altcoin projects:
Although it may cause some tension, there will be more investor flow and fund participation in the long run as the future path of cryptocurrencies will become more transparent and legal.
Bitcoin will be priced around $39,880 on the monthly pivot as investors will look beyond the Fed minutes and see the regulatory framework from Joe Biden as a positive element. The analyst charts the following route for BTC:
Expect a quick bounce and return to $44,088. From there, next week will be a straight cut into the week to hit $48,760-$50,020 with the 200-day Simple Moving Average (SMA) between them.
In addition, the analyst reminds that there may be a downside, as well as on the upside. According to the analyst, a similar framework in the US will be a significant setback for some of the major tech firms and local miners in the states, as Russia sets a path where only citizens can hold Bitcoin, but mining it will be illegal. In this case, the analyst points to the following levels:
In this case, BTC will see its collapse on the monthly pivot at $39,880. A break below this could lead to a sharp sell-off towards $36,709.
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