Crypto community with 81% historical accuracy sets Bitcoin price for March 31, 2023
The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of its users. Estimates do not guarantee end of month prices.
While Bitcoin (BTC) rallied in the first 45 days of the year, its price has been more bearish in recent weeks due to the United States Securities and Exchange Commission’s (SEC) continued crackdown on crypto firms and Silvergate Capital Corporation, the holding company of crypto-focused Silvergate Bank’s decision to to wind down operations.
The volatility has left many in the cryptocurrency community confused about the future price of the first digital asset, with many traders using deep learning algorithms to predict the coin’s price for the end of the month.
In addition to the artificial intelligence (AI) price estimate, the thoughts of the crypto community over the CoinMarketCapwho has one 81% historical accuracy for predicting Bitcoin’s price over the past six months is also worth investigating. Notably, the latest estimation accuracy for the end of February was 89.63%.
Should the estimates of 12,377 member votes prove true for March 31, it would mean that by the end of March the price of Bitcoin would trade at $21,192down -2.43% or -$528 at press time.
Bitcoin Technical Analysis
Bitcoin’s Technical Analysis (TA) on TradingView’s 1-day gauges remains mixed; the summary is consistent with the ‘sell’ sentiment at 11, as a result of oscillators pointing to ‘buy’ at 3 and moving averages (MA) indicating a ‘sell’ at 10.
In the last 24 hours, Bitcoin traded as high as $22,198 and fell as low as $21,588. Bitcoin is currently trading at $21,733, down 1.12% on the day and another 6.51% from last week, with a total market capitalization of $420 billion, according to data obtained by Finbold on March 9.
Due to the fact that it was unable to break through the crucial $22,250 resistance zone, investors’ expectations of a rebound in the price of Bitcoin were disappointed. The price continued to fall, breaking below the $22,000 mark which served as support as relentless bears exerted their influence.
This precipitous collapse helped pave the way for even higher losses as the price continued to fall to set a new monthly low. At this point, the price of Bitcoin is consolidating the losses it has had during this turbulent period.
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