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What Is Happening With the Bitcoin Price and What Can Happen In the Next Few Days?

The cryptocurrency market is having a particularly difficult 2022. The different regulations that are beginning to emerge in countries such as the United States and the war conflict between Russia and Ukraine, make the price of digital currencies such as Bitcoin under strong pressure.

Volatility is a frequent occurrence in the market. However, throughout this year cryptocurrencies are having a worrying downward trend. Bitcoin is currently below $40,000. Far below its ATH of $69,000 at the end of last year.

The reasons for this plunge are several, and many specialists are beginning to speculate that the Bitcoin’s path will continue to be downward.

Why does the price of BTC continue to fall?

According to the Fear and Greed index that measures market sentiment, the market is at a point of Extreme Fear.

Bitcoin Price

The conflict between Russia and Ukraine continues to have a negative effect on Bitcoin. On the day the invasion began, February 24, the price of Bitcoin, like the entire market, suffered a steep 10% drop in just a few hours.

After that, speculations of Russians massively adopting cryptocurrencies in the face of economic sanctions from the US and the European Union, caused the market to rise significantly. However, the optimism was short-lived and the BTC price plummeted again to the current levels below the critical point of 40K.

Moreover, these days, rumors are growing about an imminent executive order from U.S. President Joe Biden for the regulation of cryptocurrencies in the country. The market is not taking this news very well and it seems that the Bitcoin price trend will continue to be downward.

What to expect in the near future?

Making predictions about the Bitcoin price is always very difficult, even over short periods of time. The volatility is so high, that it has already been amply demonstrated that it is not possible to have certainties about the evolution of the market.

According to multiple analysts and experts, the price of the leading cryptocurrency could fall to $36,000. However, those same analysts, believe that there is no reason for a generalized panic wave, and claim that the market will not plummet beyond that range.

Twitter user and trader PlanC, believes we are not in a bear market:

“People need to stop spreading misinformation.

#Bitcoin is NOT in a 🐻 market.

Above 29k = Mid-Cycle Accumulation

Below 29k = Bear Market

Since when do we put in a HH & HL in a bear market?

This is crypto, traditional TA definitions of a bear market (< 200d), do not apply.

In the same vein, analyst CryptoTony, asks for patience from investors:

We are seeing a lot of confusion on CT because of the position, we are mid range. Always a spot of confusion where people short on drops and long on pumps.

Be patient on these as this is where you could lose all your money before the real pop starts

In any case, we are facing a key moment for cryptocurrencies. A definitive ceasefire in Ukraine and regulations that are permeable to adoption in the U.S. could be what the market needs to get back in green. Otherwise, it may be a long time before we see a significant recovery in Bitcoin and other altcoins.

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