Bitcoin Price Prediction For March

Bitcoin Price Prediction For March – Can BTC Hit A New All-Time High By The April Halving?

Bitcoin price leads the market, source – Coin360

The Bitcoin price passed $57,000 on Tuesday, trading as high as $57,300 before a marginal pull back.

The BTC market capitalization now stands at $1.12 trillion while the total crypto market cap has hit $2.15 trillion, data from CoinMarketCap reveals.

The Bitcoin price today is up close to 10% and over 30% in the past month, signalling that the bulls remain in firm control. Analysts believe that Bitcoin could hit $62,500 in early March before any significant retracement.

Bitcoin Price Hits $57,000

Bitcoin price chart

Considering that the Bitcoin halving is still 53 days away – expected to take place on April 21st – many Bitcoin price predictions have BTC reaching a new all-time high before the halving.

The Bitcoin price is set to close another month in the green, currently up 34% since the start of February.

More importantly, it is poised to close the month above the crucial 0.618 Fibonacci level – which is currently at $48,600 – achieving this feat for the first time in its history before the Bitcoin halving event.

The popular bear thesis has been completely obliterated.

0.618 fib retracement has been broken, and new highs have been printed.

HSBAF.#Bitcoin pic.twitter.com/mAuTkSs9RC

— Jelle (@CryptoJelleNL) February 13, 2024

Securing a monthly close above this level could trigger another bullish move for Bitcoin right at the start of March.

Crypto analysts have identified that the Bitcoin price has broken out of a bullish megaphone pattern, which could catapult it to the $60,000 – $62,500 range early next month.

Bullish Megaphone Pattern

Bitcoin technical analysis

The most bullish Bitcoin price prediction from several analysts calling for a new all-time high before the halving seems increasingly possible.

BTC needed to clear three crucial resistances before a new all-time high could be in sight – $55,627, $57404 and $65,539.

The bulls have already flipped $55,627 into support and a monthly close above this level would further confirm a breakout. Similarly, BTC is within an arm’s reach of flipping the $57,404 S/R level.

#BTC has only three major resistances left until new All Time Highs

And it is trying to reclaim one of them ($55627) as new support already$BTC #Crypto #Bitcoin pic.twitter.com/t40g83u487

— Rekt Capital (@rektcapital) February 27, 2024

Therefore, the $65,539 level is the only strong resistance that the bulls need to breach in March to print a new all-time high before the halving.

The recently-approved spot Bitcoin ETFs will continue to play a crucial role in BTC’s ascent. Data from the 26th of February reveals a strong inflow of $520 million, with Fidelity and BlackRock Bitcoin ETFs once again the biggest winners.

The spot BTC ETFs have recorded an inflow of over $6 billion since they have been approved.

Even JPMorgan has changed its stance on the impact of ETFs after initially calling the inflows underwhelming.

Current thoughts on the market 👇

I think #Bitcoin ETF flows will remain the main risk proxy in this market for a while.

As long as we see hundreds of millions in daily inflows people will feel a state of safety and just ape at whatever pops up.

“The ETFs will absorb the…

— Daan Crypto Trades (@DaanCrypto) February 27, 2024

Analysts believe that the ETFs have emerged as a “risk proxy” that is creating a bullish psychological impact on investors. “The ETFs will absorb the selling anyways” is quickly becoming the overwhelming sentiment.

The strong performance of the spot Bitcoin ETFs, in addition to the institutional halving FOMO continues to create a negative supply shock for BTC, pushing the prices much higher. A staggering 76,670 $BTC tokens have flown out of crypto exchanges in the last month.

Bitcoin Supply Shock

Bitcoin balance on exchanges, source – Glassnode

Could The Bitcoin Price Crash At The End Of March?

While BTC appears poised to witness a bullish continuation at the start of March, the likelihood of a correction by the end of the month cannot be ignored. Pre-halving retrace is a common phenomenon as investors sell their holdings fearing a “sell the news” event.

In 2020, BTC witnessed a 20% correction before the halving while the retrace was much steeper at 38% in 2016. Therefore, there is a distinct possibility that the Bitcoin price will reject strongly from the $65,539 resistance.

However, considering the positive impact of the ETFs, a 20% retrace more likely than the 38% scenario. Techopedia’s Bitcoin price prediction sees BTC starting a gradual decline back to $52,430 at the end of March.

The macroeconomic outlook could also apply a selling pressure on BTC. The probability of the Federal Reserve cutting its benchmark rates in March or May has dipped steeply.

A number of poor inflation data points – including the key Consumer Price Index (CPI) and the Personal Consumption Expenditures (PCE) – signal that the Fed could remain hawkish for much longer than previously expected.

This pessimistic outlook has yet to be priced in by the equities and the cryptocurrency market and could trigger a decline in the Bitcoin price.

Which Altcoins Could Pump Pre-Halving?

Aside from Bitcoin, the Ethereum price could push towards $3500 in March as the speculation mounts regarding spot Ethereum ETF approval.

$ETH is taking off, while funding is dropping.

Looks like people are revenge shorting ETH — surely that'll end well for them.

Send it to $3500. pic.twitter.com/9yAyRISG4H

— Jelle (@CryptoJelleNL) February 27, 2024

BlackRock – one of the applicants for spot ETH ETF – has a stellar 576 – 1 record in gaining the SEC’s approval.

BTC beta tokens could also witness a strong growth. For instance, SatoshiVM – a Layer-2 token – is already up 38% over the past week.

Similarly, Green Bitcoin, a new ERC-20 alternative to BTC with an innovative ‘predict to earn’ and staking program – has quickly raised $1 million in its presale.

Crypto mining stocks are also expected to surge, considering that the Bitcoin mining industry is set to turn extremely profitable in the bull market.

For example, $RIOT has surged by 47% over the past month. A new crypto mining token – Bitcoin Minetrix – has also raised close to $12 million in its ICO.