Bitcoin Falls Below $40k. How Will It Perform This Month?
Cryptocurrency has been one of the most talked about topics with Bitcoin at its core. However, the coin performance lately has not been in per with the image most people painted. On the final day of February 2022. BTC surged as high as $44,000. Unfortunately, according to Cryptocurrenciestowatch, it is trading below $40,000 as at the time of writing.
Current price movement has raised many concerns, including if the asset will hit $50k this March? It may be hard to predict how prices will play out by using only the chart. However, to get more insight as to the coin performance this month, we will consult previous records.
Bitcoin Previous Performance In March.
BTC has seen reduced trading volume in the third month of the year compared to the others during the first quarter. Additionally, it experiences an intense amount of bearish dominance during this timeframe.
A closer look at previous records, we observed that the highest the bitcoin gained during this period under consideration is 195.1% while it lost 45.9% – the highest loss.
Since its introduction to the market eleven years ago, only four times did BTC close the third month positive and record any significant increase. 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.
We may be forced to conclude that there may be uncertainty as to how March will turn for the coin. Nonetheless, considering the fact that the largest cryptocurrency does not see a massive uptrend during the period under consideration, we may expect a 2%-10% increase.
Additionally, prices may also play out badly for the coin and it may lose the same figures. This may mean that BTC will dip as low as $35,000. On the other hand, it may surge as high as $45,000.
