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 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 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.
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.
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.
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.
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
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 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’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 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 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 made predictions for the first 5 days of March, along with the minimum and maximum values of each particular day.
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 date||Regular||Least possible price||Best possible price|
|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’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 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