Bitcoin and Basketball? Get Ready for March Madness after Finishing February in Green After six months of Losses
After seeing sever losses in 2018, where Bitcoin lost 84 percent of its value when it dipped to $3,200 in mid-December, Bitcoin first time in the last six months managed to see a green month.
There have been two pumps in the month of February where Bitcoin went from $3,400 to $4,100, through the gains made in the last week's pump was all lost as Bitcoin dipped to $3,800. Bitcoin started the month at $3,447 and ended the month at $3,873, seeing a rise of 12 percent.
Bitcoin February Price chart, Source: Coinmarketcap
At the time of writing, Bitcoin has been trading at $3,845 with 24-hours loss of 0.47 percent, as per the data provided by Coinmarketcap.
Since February 24, Bitcoin has been trading primarily around $3,850 level. Meanwhile, the leading cryptocurrency is currently managing the daily trading volume of $7.6 billion.
What to Expect from March?
Moving into a new month, in the light of the February performance, the expectation from this month are also for another hike. If we take a look at the Bitcoin price movement in March 2015, a cycle that the current market cycle is mirroring, we can expect the greens.
In 2015, March started in a positive note at around $250 and in the first week itself saw a surge to $282. The highest point of March has been $296 which is a hike of 18 percent from where the price started. However, BTC ended the month at $245 which has been a drop of 2 percent from where it started the month.
Bitcoin Price chart from 2015, Source: Coinmarketcap
Now, it can be said that March could see green in this month to the $4,500 level or we may even get to see $5k. But on the basis of 2015’s March month movement, in like a lion and out like a lamb, we could see Bitcoin yet again at around $3,800.
Crypto trader and investor, Josh Rager also notes a similar situation as he points out an engulfing bull candle on the monthly,
“All I have to say is that the previous “bullish engulfing” candle set up a perfect ramp leading to the current bullish monthly candle.”