Bitcoin to Hit $50,000 in March—Nigel Green

Updated:

CEO of Devere Group Nigel Green has predicted that Bitcoin (BTC) would hit $50,000 by the end of March. Devere operates as an independent financial advisory and asset management company with its headquarters located in the UAE.

Green made his bullish projection last Tuesday after BTC surged by over 10% within 24 hours, noting:

“As it currently stands, I can see no reason why this price momentum should falter. I think we can expect to see bitcoin hit $50,000 by the end of this month.”

The executive added that it is still “too early to say” when BTC will return to its all-time high of $69,000, which the benchmark cryptocurrency tapped in November 2021.

Green argued that “It’s not that big a leap from $50K to $68K,” emphasizing: “The world and the crypto market are moving at an accelerated rate in recent times. It’s certainly not out of the realms of possibility.”

At press time, Bitcoin trades at $38,200 after crashing by over 3% over the past 24 hours.

Meanwhile, Green highlighted two major catalysts he believes currently drive the price of BTC, including geopolitical tensions and institutional investment.

He explained that the ongoing Russia-Ukraine crisis “has caused significant financial upheaval.” He added that the existing conditions have forced individuals, businesses, and government organizations around the globe to seek out “alternatives to traditional systems.”

Key Bitcoin Levels to Watch — March 6

Bitcoin’s bearish throes continue to hold it in a chokehold as the benchmark cryptocurrency printed a new monthly low on Sunday amid lingering geopolitical tensions and a strengthening US dollar. The cryptocurrency dipped to the $38,000 low this morning but has bounced near the $39,000 mark.

BTCUSD 2022 03 06 16 49 02.png
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

That said, the key level for BTC to break to regain a bullish trajectory is the $41,000 mark, where the 4-hour 50 and 200 SMAs reside. In the meantime, I expect rejection from the $39,000 mark followed by a mild retreat to $38,500 before we see a sharp rebound near the $40,000 axis again.

Meanwhile, my resistance levels are at $39,000, $40,000, and $41,000, and my key support levels are at $38,500, $38,000, and $37,000.

Total Market Capitalization: $1.75 trillion

Bitcoin Market Capitalization: $737.8 billion

Bitcoin Dominance: 42%

Market Rank: #1

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.