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Bitcoin Price Prediction And Analysis In March 2020

27 Feb 2020

We will be looking at the price history and market opinions for BTC in order to formulate a Bitcoin price prediction for March 2020.

Bitcoin Overview

Bitcoin is the number one coin with a market capitalization of $167,752,357,498 and a trading price of $9,193.28, with a decrease of -3,85%. There are currently 18,238,012 BTC in circulation out of a total of 21.000.000 BTC. $43,121,942,046 worth of Bitcoins has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

Bitcoin started January at around $9,300 and quickly managed to get to $10,110 by February 10th. Aside from a few minor ups and downs, the coin traded between $10,000 and $10,400 levels.

In the past week, we can see that the coin began testing an important support zone on the weekly chart, based on several significant 2019 levels. The last two weeks had superficial corrections, with the bulls keeping their ground. Since January 16th, we can notice that BTC started struggling to keep itself over the $10,000 mark, and from January 20th, the coin traded a few hundred dollars below this level.

BTC continued to trade between $9,600 and $9,700 with slight increases to reach $9,900 resistance levels on February 23rd.

Looking like a steady correction

“Looking at the same chart with expanded indicators, we must acknowledge an alarming bearish contraction accelerating on the histogram, which is telegraphing a clear shift in momentum to the downside. This gives us the impression that the MTF picture may remain bearish; but of course, we have seen reversals on this indicator before in previous bull markets. The RSI is retracing into its historic “bull zone”, which has held every retracement during Bitcoin bull markets; and it seems likely that we find support here,”- predicted CryptoGlobe.

21 EMA is clearly critical

Based on its price pattern from back in May 2019, Bitcoin is expected to undergo a massive price decline that would bring its value under $9,000, as all historically accurate fractal points towards a traders’ sell-off sentiment.

this histogram definitely bears watching

The Doji indicator is noticed when a session of an asset’s candlestick has the same opening and closing rate, and analysts consider it to be foretelling of a trend reversal.

bitcoin, cryptocurrency, crypto
Source: Kong BTC

Crypto analysists observed Bitcoin’s formation of a weekly Doji candle in May 2019, which led to a massive price decline. That is why analysts expect a similar sell-off sentiment as Bitcoin stays grounded between the $10,000-10,500 resistance area.

bitcoin, cryptocurrency, crypto
Source: TradingView.com, Coinbase

The current pivot, resistance, and support levels calculated by WalletInvestor are:

  • Resistance Level (R3): 9863.580
  • Resistance Level (R2): 9790.390
  • Resistance Level (R1): 9739.050
  • Pivot Point: 9665.860
  • Support Level (S1): 9614.520
  • Support Level (S2): 9541.330
  • Support Level (S3): 9489.990

Developments

In the past few weeks, there have not been any important news related to Bitcoin developments and projects. However, BTC is the most widely-adopted crypto in the world, so there are no worries there.

However, there are many projects with the Lightning Network and other Bitcoin applications that are in progress at the moment.

February 23rd, Bitcoin was mentioned in a brief segment created by the popular tv series “The Simpsons.”

Bitcoin Price Prediction: Market Opinion for March 2020

Several sites have issued their own Bitcoin price prediction for March 2020, and in order to better reflect the market sentiment around this coin, we decided to incorporate some of the most relevant ones.

Longforecast

Longforecast forecasted that BTC will be trading at $10,321 at the start of March. The site estimates that the maximum price would be able to reach $11,550, while the minimum price will be around $8,898. The month’s average price was premeditated at around $10,364. The closing price of the month was estimated at $10,685, change for March 3.5%.

Digitalcoinprice

Digitalcoinprice’s Bitcoin price prediction for March placed the coin at an optimistic price of $21,418.27, which signifies an evolution of 119.12%.

Tradingbeasts

Tradingbeasts predicted that BTC would be trading at $8,655.381 when March starts. The site’s maximum price for the month was calculated at around $10,820.720, while the minimum price is $7,358.089. The Bitcoin price prediction for March’s closing price is $8,656.576, with a change of -12.35%.

Coinpredictor

Coinpredictor expects Bitcoin to have an increase of +15.2% at the start of March, which places BTC at a price of $10,623.29. Towards the end of the month, the site predicts a decrease of -22.6%, which would drop the coin’s price to $7,137.53.

WalletInvestor

WalletInvestor made predictions for the first 5 days of March, along with the minimum and maximum values of each particular day.

2020-03-01 9988.500 9627.620 10360.20
2020-03-02 9948.530 9607.450 10291.10
2020-03-03 10065.30 9749.190 10393.00
2020-03-04 10344.50 9989.300 10688.50
2020-03-05 10286.00 9940.740 10625.90

Gov.capital

Gov.capital estimated that Bitcoin would be trading at $10116.08 at the start of March, with a maximum price of $11,633.492 and a minimum price of $8,598.668. Below are the rest of the predictions for all the days in March.

Calendar dateRegularLeast possible priceBest possible price
2020 March
2020 March 01, Sunday 10116.08 8598.668 11633.492
2020 March 02, Monday 10272.50 8731.625 11813.375
2020 March 03, Tuesday 10408.62 8847.327 11969.913
2020 March 04, Wednesday 10369.81 8814.3385 11925.2815
2020 March 05, Thursday 10422.78 8859.363 11986.197
2020 March 06, Friday 10302.00 8756.7 11847.3
2020 March 07, Saturday 10170.49 8644.9165 11696.0635
2020 March 08, Sunday 9878.305 8396.55925 11360.05075
2020 March 09, Monday 9652.646 8204.7491 11100.5429
2020 March 10, Tuesday 9770.998 8305.3483 11236.6477
2020 March 11, Wednesday 9706.178 8250.2513 11162.1047
2020 March 12, Thursday 9803.981 8333.38385 11274.57815
2020 March 13, Friday 9720.265 8262.22525 11178.30475
2020 March 14, Saturday 9663.992 8214.3932 11113.5908
2020 March 15, Sunday 9424.087 8010.47395 10837.70005
2020 March 16, Monday 9543.626 8112.0821 10975.1699
2020 March 17, Tuesday 9434.752 8019.5392 10849.9648
2020 March 18, Wednesday 9282.580 7890.193 10674.967
2020 March 19, Thursday 9477.883 8056.20055 10899.56545
2020 March 20, Friday 9582.412 8145.0502 11019.7738
2020 March 21, Saturday 9790.058 8321.5493 11258.5667
2020 March 22, Sunday 9669.775 8219.30875 11120.24125
2020 March 23, Monday 9622.469 8179.09865 11065.83935
2020 March 24, Tuesday 9713.550 8256.5175 11170.5825
2020 March 25, Wednesday 9594.662 8155.4627 11033.8613
2020 March 26, Thursday 9452.660 8034.761 10870.559
2020 March 27, Friday 9408.350 7997.0975 10819.6025
2020 March 28, Saturday 9482.777 8060.36045 10905.19355
2020 March 29, Sunday 9316.417 7918.95445 10713.87955
2020 March 30, Monday 9159.325 7785.42625 10533.22375

BTC is predicted to close the month at a price of $9199.873, with the least possible price of $7,819.89205 and the best possible price of $10,579.85395.

Cryptorating

Cryptorating’s Bitcoin price prediction for the start of the month is $11,207.70, with a change of 14.67%. The site foresees that BTC will be trading at $12,269.35 towards the end of the month, which marks an increase of 25.53%.

Cryptoground

Cryptoground projected that BTC will have a trading price of $9,958.7250 with an increase of 1.48% at the start of the beginning of the month, and expects the coin to close the month at $9,736.8819, with a decrease of 0.78%.

Bitcoin Price Prediction: Verdict

We have reached the end of our Bitcoin price prediction for March 2020. We hope that the information we presented here will be of help to you in your future BTC trading operations.

Featured image: esan.edu.pe

Source From : Coindoo News

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