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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.

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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, cryptoSource: 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, cryptoSource: 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 date Regular Least possible price Best 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: https://coindoo.com/bitcoin-price-prediction-march/

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