Bitcoin(BTC) Price Might Hit $50k With 15% Upswing By March End ! Here’s Why?

The post Bitcoin(BTC) Price Might Hit $50k With 15% Upswing By March End ! Here’s Why? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

After trading below $39,000 in the previous sessions, bitcoin prices have surged beyond $43,000 today. The world’s most popular and valuable cryptocurrency climbed by more than 14 percent to $43,120.

Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization has risen above $2 trillion in the last 24 hours, up more than 10 percent.

Bitcoin Price To Start Fresh Rally!

Bitcoin has broken out of a declining channel, according to crypto analyst Justin Bennett, and is set to rebound. According to the analyst, BTC is forming a bullish confirmation pattern at the conclusion of the month, taking out the previous day’s highs.

$BTC bullish confirmation loading.

Last day of February, no less.#Bitcoin pic.twitter.com/9yJv2ef01b

— Justin Bennett (@JustinBennettFX) February 28, 2022

Bennett also points out that Bitcoin just saw its biggest volume in seven months, exactly around the time it reversed from $34,000, indicating a significant shift in trend.

He claims that on BTC\USDT, the last BTC 34k low was the largest volume green day since late July 2021.

BTC needs to close over $39,600 on a daily basis, in order to start the next trend. Bitcoin hasn’t closed above $39,600 yet. That is the key to a higher price, he said.

CPI on the 10th and FOMC on the 16th, as well as any developments around Russia-Ukraine, are all noteworthy events in March, he adds.

March will be a positive month for the biggest crypto by market cap, according to Bennett. He claimed last week that a BTC rise to $50,000 in March is entirely possible.

He also stated that BTC has two lows [$34,700 in mid-January and $34,700 this week]. For the market, this might be the start of a double bottom.

$BTC has yet to close above $39,600. That's the key for a move higher.

Notable events in March include CPI on the 10th and #FOMC on the 16th, and of course, any developments surrounding Russia-Ukraine. #Bitcoin pic.twitter.com/WfJQ9qQA73

— Justin Bennett (@JustinBennettFX) February 28, 2022

Step one is to get confirmation for this, which is not only above $39,600. The second step is to close above $46,000. That’s the high from back here [about February 11th], thus this is the double bottom pattern’s neckline.