- March Bitcoin has been something that has been captivating the cryptocurrency community
- Will things plunge below five thousand and if no, what value range can we expect BTC to be in by March 31st?
- Check out the odds, the breakdown, and my overall analysis/prediction below
March Bitcoin has been a tumultuous ride to follow. Last week, Bitcoin price fell almost 51 percent. In the last few days, things seem to be holding steady in the five to six thousand range. Analysts took note of how the cryptocurrency fell in tandem with the markets.
Many experts lamented about this because many proponents of BTC also espouses the virtues of it being a liquid asset that’s inversely correlated to major markets. There are now bets about what the value of Bitcoin will become month’s end and I’m here to help you navigate through that prediction.
End of March Bitcoin Odds
|2500 or Under||+300|
Odds taken Mar. 19
This isn’t exactly the usual BTC I’m used to talking about. Much has been made of the traditional stock market taking a downturn as of late (ie/DOW Jones). The same can be said for cryptocurrency which plunges as a direct result of circumstances relating to COVID-19. Many see the value in Bitcoin but it’s still in a stage where it doesn’t have ubiquitous value. There will not be an across the board, uniform desire from everyone to acquire your cryptocurrency which inherently handicaps you.
Although some theorize that the deeper it gets into the crisis, this could work to its benefit. In times of crisis, people go toward what’s familiar and many are not familiarized with BTC on a widespread level. This could see conventional assets decrease while BTC sees a rise. Some were masquerading as the World health organization attempted to encourage Bitcoin donations from people. I will not be delving into that section of BTC and COVID-19 overlapping, however.
Since the widespread establishment of BTC in the wake of the 2008 financial crisis, many see COVID-19 as the first instance of a crisis situation testing the value of Bitcoin. It was not long ago (February 13th, 2020 in fact) that BTC reached an all-time high value of 10.5k. It fell to an all-time low of $4,150 exactly one month later on March 13th before dipping to its ultimate low of 3,700. The drop itself was from the 9,000 to 4.000 range in the span of a single day. There’s notable empirical evidence out there that really underscores the big drop in value for BTC. The current price is illustrated in the tweet below.
BREAKING: #Bitcoin surpasses $6,000!
— Binance.US ?? (@BinanceAmerica) March 19, 2020
2501-5000 is the second likeliest option for a reason. The aforementioned single-day drop of half the BTC value has people speculating. It’s also hard to predict things based on the ever-evolving COVID-19 situation and the dynamic it creates where people are cautious about going out and are cutting back spending in droves. A precedent has been set so it wouldn’t be out of the realm of possibility for things to dip in that 3,000-2501 range. All metrics and current trends indicate that BTC will be valued somewhere in that 5-6000 range. Exactly what the final figure is will be predicated on if a bullish or bearish scenario unfurls.
Pick: 5001-7500 (-110)