Bitcoin (BTC) Primed To Hit New ATH In March, But Will These Factors Lash Down The Crypto Market By 40%?

The post Bitcoin (BTC) Primed To Hit New ATH In March, But Will These Factors Lash Down The Crypto Market By 40%? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The revolutionary world of cryptocurrencies is never off-duty, irrespective of bear and bull runs. Which has been a helping hand for traders who have bought the lows, and are now cherishing the rise. The greener numbers in the business have reinstated the faith of the folks, which caught the wind from the FUD.

Successively, the market cap of the crypto sphere is presently up by 3.8% over the previous day, at $2.13T. In addition, Bitcoin did breach into levels of $45,000, while Ethereum is well above the $3,000 levels.

Consequently, a proponent from the industry sheds light on the possible time frame for BTC’s ATH, from historical events. On the other hand, Savvies fear another crash prevailing from an increase in FOMO, and the expected White House report.

Is This When The Crypto Market’s Peaks Are Destined?

As previously mentioned, the crypto market is back to its over $2 T market cap. And digital assets in the directory have been scripting impressive gains. While the BTC, and ETH are up 4.7% and 3.1%, XRP has beaten the odds with double-digit gains of close to 20%. Similarly, other alts have been picking up pace. The latest news around the alts has been fueling the run.

Crypto proponent from the industry in a public post cites that the 50 D MA has retaken Bitcoin based on similar historic events. Where BTC had rallied by 54% and 47% on similar lines, an identical run would mean a $60k mark in the coming weeks. The proponent also cites that the last two 50 D MA breakouts lasted 40 and 46 days until the peaks of BTC.

Successively, the 50 D MA breakout in 2020 lasted 180 days for BTC. Factoring in the statistics, a new high for BTC could be around late March. Since Alts generally follow the footsteps of Bitcoin, Ethereum is the trendsetter for DeFis and NFTs. We can look forward to a bullish end to the quarter. Moreover, geeks are anticipating altcoins doing 2-3X of Bitcoin.

Is This Crypto Market’s Surge Before The Plunge?

The fear and greed index has now risen to neutrality with a score of “48”, from the previous day’s fear at “45”. The statistics suggest that the market is witnessing an influx of investors and traders. Who are suited up to take a slice of the pie. Successively a number of investors have FOMOed in, which could be a threat if the numbers escalate.

An increase in FOMO would eventually re-route the market trends towards the bear’s cave. Wherefore a fate similar to that of the previous cycle could be met, it would be advisable for folks to get in with a decisive plan. As an announcement from the White House is also expected, the implications of which could turn both ways. 

Summing up, the metrics are in-line and confirm the ongoing trend reversal. The revolving optimistic news such as that of KPMG buying BTC and ETH, NASDAQ’s approval of Bitcoin miners ETF has brought in fuel to the rocketing optimism. This would be a catalyst to the market’s all-time high. That said, the moves by the folks still play an imperative role.