Bitcoin expected to gain 10% as Russians search for alternative payment methods
- Bitcoin price is doing very well on a stormy Monday morning as global markets come under pressure from sanctions against Russia.
- BTC is seeing increased interest as people in Russia dive into Bitcoin as an alternative payment method.
- Expect this interest to add to Bitcoin’s popularity as long as the current sanctions are imposed on Russia and its ruble.
Bitcoin (BTC) is holding strong overall as price action dipped over the weekend, but is back for the day as Bitcoin sees an increase in demand at the start of the week. This request comes from Russians who use Bitcoin as an alternative payment method because the local currency has devalued significantly and several sanctions make it impossible to use FX alternatives. With this surge in interest, expect to see BTC price action rise towards $39,780, holding 10% profit potential.
Bitcoin is getting the needed attention it deserves
Over the weekend, the price action was rejected on the downside and saw a 7% devaluation. Yet with the introduction of several sanctions against Russia, there is significant demand for Bitcoin as Russians look for alternative payment methods as their own currency devalued sharply by 20% on Monday morning and foreign currencies are banned as payment method.
It’s the perfect backdrop for Bitcoin and other major cryptocurrencies to gain renewed positive attention. Several Russians will open a crypto wallet and buy into the Bitcoin price action, which could propel the price action towards $39,780 in the first phase. Once Bitcoin becomes the standard mode of payment in Russia, and as the Relative Strength Index still has plenty of room to go, expect to see further upward movement, reaching $41,756 in the near term.
BTC/USD daily chart
Depending on the ongoing peace talks this afternoon between Russia and Ukraine, expect to see a possible return towards $38,073 or even $36,709 as a baseline in recent days. If the situation deteriorates again and sees further attacks – and even the use of Russian nukes – expect to see a sharp move towards $32,650, approaching the distribution zone of a few years ago. month. With this move, the relative strength index will have entered the oversold zone, suggesting an increased likelihood of an eventual rally.