$29K Bitcoin Target Looks Juicy as 186 Banks May Also Go Broke

  1. Bitcoin has hit the $26,000 target and is looking to reach $29,000 in the coming weeks.
  2. Price may retrace a bit especially since traders took profit at sub-$28,000.
  3. People may flock to crypto now that 186 banks are displaying risks akin to SVB.

Bitcoin (BTC) continued its stride to overcome the $26,000 resistance level and is now looking to climb further up to $29,000 soon. In just a week, the crypto market leader has gained at least 36.5%, according to CoinGecko.

At the time of writing, BTC is changing hands at $27,529.12. It simmered down a bit after hitting almost $28,00 today, although this is more about traders taking little profits instead of a sellout.

BTC/USDT 4-hour chart (source: TradingView)

As seen in the chart above, BTC was able to break past the $26,000 barrier after failing the first attempt a couple of days ago. This led to forming of a descending triangle, which was supposed to be a bearish signal.

However, Bitcoin’s fundamentals remain strong now that fear in banking and stocks is arising.

Specifically, Wall Street Journal (WSJ) reported that economists are observing vulnerabilities in 186 banks akin to Silicon Valley Bank before its doom. The article did not name any banks, although it pointed out that this is related to the US Federal Reserve’s soaring interest rates.

In addition, stocks are not looking good either. For instance, the S&P 500 index witnessed a decline of 1.43% today and is on a yearly decline of 12.24%.

Hence, more people may look to leading cryptocurrencies like BTC and ether (ETH), as well as gold and silver, to hedge their asset value against volatility in the coming weeks. However, BTC may retrace a bit in the next 48 hours before it shoots up to $29,000.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether express or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers to perform their own in-depth research before investing in cryptocurrency.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.