The bulls were thrilled to see Bitcoin flip $44k for the first time in more than ten days. The surge to the highlighted mark was quick and happened over the last 24 hours. The question on all traders’ minds is how it will affect the coin price movement this month.
Recall that while answering the question of how long the initial hike will last, a previous analysis noted that BTC trading above its pivot point could be a good sign that the coin may be gearing up for more rallies.
Additionally, the Moving Average Convergence Divergence is also printing a bullish signal as we notice positive convergence. Following this reading, we may expect the apex coin to enjoy more uptrends. The article concluded with predictions that the top asset may flip $44k.
True to that prediction, a few hours to the time of writing, the largest digital asset flipped the mark. Last month, we saw a similar hike at the start of the past 28 days which led many to several speculations.
One such prediction is that based on the average gains every February, the firstborn cryptocurrency may experience a 10%-15% hike over the next 24 days. Another was the projection that the top coin will flip $50k. We saw the apex coin close the period under consideration with a 16% increase.
Bitcoin hit a high of $45,850 and a low of $32,324 – a clear indication that the other aspect of the speculations failed. However, how will the largest cryptocurrency by market cap perform this month? To answer this question, we will take into consideration previous records as well as current market sentiments.
Previous Records
The third month of the year is known as the “almost average month.” One of the reasons for this conclusion is the amount of bearish dominance the asset under consideration have seen during that timeframe. The highest the apex coin gained during this period under consideration is 195.1% while lost 45.9% – the highest loss.
We also observed that of the eleven Marchs, only four came out positive as bitcoin recorded significant gains. However, the remaining seven saw BTC close with a few deficits. On average, the largest coin by market cap increases by more than 2.1% every third month of the year.
Looking at previous records, there may be uncertainty as to how March will turn for the coin. How high will it surge in case of a surge? Bearing in mind that the third month of the year does not see a massive uptrend, we may expect a 2%-10% increase. In the event of a downtrend, we may expect the same figures.
Market Sentiment
The most recent state of the market no doubt thrilled the bulls and has set them in high spirits for the next 30 days. According to Alternative, we note that the fear and greed index has shuttled between 20 and 54 over the past 28 days.
Currently at 51, the indicator suggests that the market will be entering the greedy region soon. With stories of more adoptions and media personalities stocking up on the asset, the metric is set to see more improvements.
In Coming Days
Following the flip of $44k resistance, BTC may linger within this price level. The highlighted price level may serve as an accumulation phase for the bulls as the bears may capitalize on the market cause the apex coin dip below $44k. However, it may be met by buyback at $42k.
In the coming days, the top coin may face intense selling pressure at $45k. However, bitcoin may test $46,000. Based on previous price performance, a test of the $50k resistance is unlikely as the largest cryptocurrency may experience strong bearish actions at $48k
