Bitcoin (BTC) Price Prediction: BTC Bulls Attempting a Recovery, Targeting $93K

Last week, Bitcoin (BTC) experienced significant volatility. Conflicting market signals created bearish pressure, preventing traders from setting a clear directional trend.

Last week was marked by significant volatility in Bitcoin (BTC) price movements as conflicting market signals created persistent pressure on traders to identify a clear directional trend.

Major altcoins like Ethereum and XRP also experienced price drops below crucial price points. However, the recent hints from US CPI and PPI data that inflation may be easing at last sparked a rally in the market, setting the stage for a potentially bullish week ahead.

Could interest rate decision and geopolitical hopes save crypto from bear market

After a 2% drop last week, Bitcoin continues to face significant downside risks due to multiple macroeconomic pressures.

However, analysts in the crypto prediction markets, such as Polymarket, are optimistic about a potential pause in Federal Reserve rate hikes next week. Additionally, there is increasing hope for an improvement in geopolitical tensions between Russia and Ukraine.

Bettors on Polymarket are currently placing a 99% likelihood on the Fed pausing its rate increment in March, while the odds of a Russia-Ukraine ceasefire are stimming at nearly 80%.

Should these developments occur, it could spark a surge in risk appetite, leading to increased investments in Bitcoin and other cryptocurrencies. This could generate further upward momentum for the crypto market in the coming week.

Bitcoin price prediction

Bitcoin bulls are attempting a recovery from the recent dip, although they are likely to encounter significant resistance at the EMA20 trend line and the $86.7K mark.

As the Relative Strength Index (RSI) shows, the BTC price has encountered strong selling pressure at the 20-day Exponential Moving Average (EMA). Currently, the BTC price stands at $84,262, having risen by 0.09% in the past 24 hours.

If the price manages to sustain itself above the 20-day EMA, it could suggest that the recent dip below $84K was merely a bear trap. Under such circumstances, the BTC/USDT pair might critical $86.7K level and potentially extend to $93,000.

On the other hand, if the price experiences a sharp decline from this resistance zone, it would indicate that the bears have regained control. This could increase the likelihood of a steeper drop to the crucial support level at $79,974.

Ethereum price prediction

Ether has been facing increasing volatility around the descending resistance line, suggesting a heating up of the battle between buyers and sellers.

The ETH price has been consolidating below the crucial $2K mark. As of writing, ETH price trades at $1,923, surging over 0.2% in the last 24 hours.

Relative Strength Index (RSI) is beginning to exhibit early signs of a positive divergence.

If the price manages to breach the EMA50 trend line, the ETH/USDT pair might to the breakdown level of $2,109. At this level, bears might their selling efforts; however, if the bulls manage to sustain their momentum, the pair could advance towards the 50-day SMA at $2,530.

This positive outlook would be invalidated if the price fails to hold at $2,109 and subsequently falls below $1,772. Such a move would indicate a bearish dominance.

XRP price prediction

XRP bounced off the $2 support level and broke above the EMA20 trend line on the 1-hour chart. Bears are attempting to stop the recovery at this EMA, but continued buying pressure from bulls suggests a potential breakout.

If successful, the XRP/USDT pair could climb to $2.65. Surpassing this level might set the stage for a rally to $2.97.

Conversely, a sharp decline from the current level would indicate that sentiment remains bearish. In such a case, the pair might revisit the critical $2 support.