As the crypto markets rebounded on Wednesday, Bitcoin (BTC) bounced back from 
the recent selloff triggered by the escalating Middle East conflict, targeting 
a surge toward high levels. While some market observers see this as a sign of 
strength and potential bottoming, others warn that the rally could be short- 
lived. Related Reading: Bitcoin Leads Crypto Funds’ $1 Billion Rebound To End 
5-Week Negative Streak Bitcoin Shows Strength Despite Growing Geopolitical 
Fears On Wednesday, Bitcoin surged 8.3% to trade above the $72,000 barrier for 
the first time in a month. The cryptocurrency has been trading between the 
$63,000-$73,000 price range since early February, but it has failed to break 
past the $70,000 mark throughout this period. Notably, the escalation of the 
US-Israel war with Iran has introduced significant volatility to risk assets, 
including cryptocurrencies. This resulted in sharp declines on Saturday, with 
BTC dropping to $63,000. However, the flagship crypto’s price quickly 
stabilized around the mid-zone of its local range, followed by a partial 
recovery above the $68,000 area at the start of the week. Now, Bitcoin has 
surged 15.87% from its recent lows, reaching a one-month high of $73,479 on 
Wednesday morning despite increasing geopolitical tensions. In a recent Bits + 
Bips podcast episode, Chris Perkins, Managing Partner and President of 
CoinFund, highlighted that BTC’s signs of strength and resilience, alongside 
signs of liquidity entering the market, are a “good setup” for a potential 
bottoming. It’s worth noting that US spot Bitcoin Exchange-Traded Funds (ETFs) 
have seen a remarkable performance over the past two days, with $683.34 
million in inflows since Monday, suggesting increasing demand for the 
investment products. Alex Kuptsikevich, chief market analyst at FxPro, told 
Bloomberg, “This is a victory for cryptocurrencies, given the impressive 
selloff those financial markets and gold experienced the day before,” adding 
that “perhaps some traders are looking at crypto as a safe haven.” Too Early 
To Call BTC’s Bottom Despite the rebound, Kuptsikevich also warned that the 
situation remains “too fragile” to declare the market bottom. He explained 
that “Bitcoin is vulnerable due to the increased volatility of stock indexes, 
which is forcing institutional investors to reduce their leverage.” Meanwhile, 
market observer Ted Pillows suggested that BTC’s rally could be short-lived, 
drawing a comparison between the flagship crypto’s current performance and its 
early 2022 price action when the Russia-Ukraine war started. As the analyst 
noted, Bitcoin, which had already begun correcting from its 2021 all-time 
high, saw initial volatility when the conflict erupted, but pumped almost 40% 
in the following month before dumping another 67%. BTC targets a potential 45% 
correction toward the $40,000 area. Source: Ted Pillows on X This time, BTC is 
beginning to display a similar performance, which could lead to a 20%-25% 
rally toward the $78,000-$80,000 zone, according to the market watcher. 
However, this rebound could be followed by a strong rejection at this key 
horizontal area. Related Reading: Long-Term Bitcoin Holders Buy $14 Billion In 
BTC As Retail Headed For The Exit If history repeats, the next phase of the 
cryptocurrency’s downtrend could begin soon, Ted Pillows cautioned, 
potentially sending the price 45% below the rally’s potential peak prices. 
Analyst Ali Martinez observed that Bitcoin has consistently bottomed between 
the 1.0 and 0.8 MVRV Pricing Bands over the past decade. According to the 
chart, this would place BTC’s potential bottom between the $43,647-$54,559 
levels. As of this writing, Bitcoin is trading at $73,255, a 10% increase in 
the weekly timeframe. Featured Image from Unsplash.com, Chart from 
TradingView.com

Bitcoin Reclaims $73,000 Amid Iran War Volatility, But Analyst Issues Key Warning

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Cryptocurrency price in USD