After a flat February, investors are now wondering: what will happen to bitcoin prices this March?
Here’s how Bitcoin has performed in March for each of the past 12 years. On average, the price of the asset increases by 10% each time.
Bitcoin, March and the Halving
In earlier years, March has not been a particularly bullish month for BTC. The king of the coin village fell 8.2% to just $0.79 in 2011, and continued to grow 0% in March of the following year.
However, things changed in 2013, when Bitcoin ended the month at $92.19 — a massive 176.2% return since early March. This happened 5 months after the halving. Bitcoin first appeared in November 2012.
The term “halving” is used when the supply of bitcoins issued per block is halved every 210,000 blocks (approximately every 4 years). This creates a supply crunch that has helped spark strong bullish momentum for Bitcoin every time it has happened in the past.
The next five years marked the return of the bear market. From 2014 to 2018, Bitcoin fell 16.9%, 4%, 4.8%, 9.2%, and 32.8% year-on-year — followed by March, Bitcoin’s worst performance. As in 2013, Bitcoin’s March 2018 drop coincided with the halving cycle, which coincided with a year after the 2017 Bitcoin bull run.
Despite Bitcoin’s 7.4% rally in March 2019, March 2020 defied the halving schedule. Bitcoin is down 24.8% – mainly due to “…black thursdayStocks and cryptocurrencies plummeted as panic surrounding the coronavirus intensified. Bitcoin fell more than 50% on March 12, from over $8,000 to below $4,000.
Bitcoin’s third halving happened two months later, helping fuel a March bull run for the next two years, with gains of 30.2% in 2021 and 5.4% in 2022.
analyze The latest news from CryptoQuant suggests that Bitcoin may be subject to some short-term selling pressure stemming from a combination of whales and miners.
Specifically, both organizations have seen an increase in the amount of bitcoin being sent to exchanges this week — a clear sign that investors intend to sell.
CryptoQuant analyst abramchart explained:
“The BTC Whale Rato indicator on spot exchanges is high the next day, and this increase is usually due to a large inflow of funds. This behavior may lead to increased selling pressure.”
- BTC plummets to $22,000, a support to watch out for
- Changpeng Zhao warns that Bitcoin will continue to fall, do not regret missing the bottom
According to CryptoPotato