Bitcoin (BTC) Emerges as Safe Haven Asset Amid Banking Chaos: Experts Predict $100K

The United States equities are being impacted by an unstable industry, with Credit Suisse becoming the fourth bank in one week to cease operations. This situation occurred after the Saudi National Bank, the biggest investor in Credit Suisse, withdrew from the deal due to regulatory limitations.

In addition, market participants are nervous due to the bank’s earlier statement, which indicated weakness in its earlier reports. As a result, the company’s shares dropped to an all-time low by the end of Wednesday.

In contrast, Bitcoin holds many gains, consolidating a staggering 47% increase in 2023. Analyst Josef Tětek suggests that the banking chaos could be positive for Bitcoin, with the asset emerging as a safe fallback.

Charles Edwards, the CEO of Capriole, a cryptocurrency investment firm, has closely monitored the Bitcoin market and identified a bump-and-run reversal pattern. This bullish chart formation pattern could lead to significant price increases for Bitcoin, potentially pushing the coin’s value to $100,000 or even higher.

Despite the potential benefits of this pattern, Edwards is cautious and warns that it is not a foolproof investment strategy. As a result, he suggests investors should base their investment plans on something other than this pattern.

BTC Analysis

The recent surge in Bitcoin prices above the $25,250 mark has been driven by bullish sentiment in the market. However, the candlestick chart also shows that short sellers are still active and may try to push prices down shortly.

If the bears can take control, the price of Bitcoin could drop below the $25,250 mark, signaling a bearish trend. Despite this uncertainty, there are some positive signs for the bulls.

The 20-day exponential moving average (EMA) is turning up, indicating a potential uptrend, and the relative strength index (RSI) is also in the green zone. If the bulls can maintain the $25,250 mark and push the price higher, Bitcoin could complete an inverse H&S pattern, which analysts believe could trigger a run for the $32,000 mark, in line with Charles Edwards’ analysis.

ETH Analysis

Ethereum (ETH) has experienced a sharp increase in value over the past 48 hours, but the bears are struggling to maintain momentum and are losing ground to the bulls. At present, ETH is trading at around $1,743. If the price can consolidate at this level, market sentiment will likely turn bullish, with the 20-day exponential moving average (EMA) providing support.

This movement could result in a sprint toward the $2,000 mark, a significant milestone for the largest altcoin. However, if the price drops below the moving averages, the pair will likely consolidate between $1,743 and $1,352 for a while

BNB Analysis

Binance Coin (BNB) has recently encountered strong resistance at the $318 level, indicating that the bears are defending this price point and would like to keep it hovering around $318 to $338 if the selling pressure continues. Despite this, the bulls have taken heart from the fact that the price has not dropped below the 50-day simple moving average (SMA), which suggests that buyers are using any dips as an opportunity to purchase BNB.

XRP Price Analysis

XRP has recently declined from the 50-day simple moving average (SMA), forming a doji candlestick on March 14 that suggests indecision among both bulls and bears. While the price has dipped to the support level at $0.36, there is a risk that bears could push the price down even further to below $0.32.