Following its crash from the $40,000 level in early March, some pundits have opined that Bitcoin (BTC) is most likely going to hit $50,000 by the end of March.
Though the cryptocurrency has had a choppy trading session from the past few weeks, the CoinMarketCap community asserts that it should stage a +23% rally from its current price to $48,145 by March 31. The exact prediction figure came from votes by 83,489 members of the community.
Meanwhile, 53,098 members of the community place their target at $48,985 by the end of April. This projection represents a 26% hike from its current price area. However, 34,044 community members voted for a more reserved projection noting that BTC could close the ninth at $46,958.
Notable, this cryptocurrency community has an impressive track record and has a Bitcoin price prediction accuracy rate of 82%.
BTC has struggled to maintain a bullish trajectory for several weeks as it began March on the backfoot. That said, the current price trajectory is understandable considering the tight correlation the market shares with struggling stocks.
At press time, the flagship cryptocurrency trades at $39,000, after dropping by over 12% in the last seven days.
While the mentioned community believes in a price hike for Bitcoin in March, investors remain hesitant and skeptical about the next course of action for the digital asset.
Key Bitcoin Levels to Watch — March 8
BTC has regained a decent upward momentum as it retakes the $39,000 barrier. The benchmark cryptocurrency now pushes for the $40,000 resistance. This upward move comes after a bounce off the $37,500 support yesterday night.
Also, a bullish cross recently occurred on my 4-hour MACD indicator confirming the emerging bullish bias.
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: $1.72 trillion
Bitcoin Market Capitalization: $729.6 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
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