Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coinpedia Fintech News on March 18, 2023, 01:09:04 PM
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The American banking system is experiencing turmoil as more banks face the risk of collapse. First Republic Bank is the latest bank to join the list of struggling financial institutions, prompting bigger players like JP Morgan, Bank of America, and CitiGroup to make uninsured deposits to prevent their collapse.
However, while traditional banking seems to be struggling, the crypto market continues to stand strong and thrive. In a surprising move, Bitcoin's price surged above $27,000, benefiting from the wave of bank fallouts. Nonetheless, the possibility of a minor downswing may emerge as the bears accumulate their strength.
Currently, there is a dissonance between the news background and price movements, with Bitcoin displaying a giant price movement that may be subjected to massive correction sooner or later. Despite the potential for the price to rise beyond $28,500 and reach the target of $30,000, a certain correction phase may be necessary.
According to the chart, the price is trading in a wave pattern that displays the prospects of the crypto market in the coming days. The Bitcoin price is expected to rapidly drop from $21,000 to $21,500, where traders are expected to accumulate heavily. This may trigger a strong rebound that may raise the price levels close to $30,000 in the next couple of weeks.
Therefore, the upcoming weeks may be critical for Bitcoin and the entire crypto space as a significant plunge is expected to induce a catapult action over the crypto market. While the American banking system struggles, the crypto market seems to be providing a haven for investors seeking financial stability.
What's your opinion on this?