Bitcoin Price Prediction and Analysis in March 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 10^th. 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 16^th, we can notice that BTC started struggling to keep itself over the $10,000 mark, and from January 20^th, 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 23^rd.

“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.

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.

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 23^rd, 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.

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.

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

coindoo

coindoo.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.