Bitcoin Price Prediction: Will Btc reach $21k this week

    Pathik Bhattacharya
    Pathik Bhattacharya
    Published on March 12, 2023 12:37 AM

    Bitcoin has fallen severely after the crypto bank Silvergate collapsed. Now all the eyes are on Silicon bank's downfall. Expert's have already analysed the situation and made their decisions.

    Bitcoin Price Prediction: Will Btc reach $21k Next Week
    Source: Unsplash

    Bitcoin has come down after the recent bull rally of touching $25K. The price didn’t sustain longer and exhibited red candles after 21 Feb 2023. The move came after the Silvergate collapse news surrounded the market plummeting the prices to $22K. As the market moved, Bitcoin price prediction was all set to impart a positive market uptrend. However, it came as a bain that the market reversed and the expert’s Bitcoin Price Prediction failed. 

    In early Saturday morning, Bitcoin managed to arrest its downward trend and increase in value above $20,000, respectively. This spike, however, can be ascribed to a weaker US dollar, which fell after February labour statistics indicated slower pay growth, indicating a reduction in inflationary pressures.

    According to the statement, if the Federal Reserve slows the pace of interest rate rises, the US currency would become less appealing, leading to increased demand and higher prices for cryptocurrencies.

    Nunya Bizniz, a trader and pundit, has seen a similar negative warning in the shape of Bitcoin's 200-day exponential moving average (EMA).

    He emphasized that there was still an opportunity for losses based on past patterns.

    Due to Bitcoin's losses, the worldwide cryptocurrency market cap has dropped below $900 billion, hitting $890 billion. Yet, there are hints that the drop is moderating, with BTC showing promise of regaining some of its lost territories.

    This turnaround may be attributable to the recent weaker-than-expected US employment statistics. It is critical to understand that the bitcoin market is extremely volatile, and price swings are to be expected. But, as the Bitcoin Halving comes near, a surge in Bitcoin’s price is sure will contribute to Bitcoin price prediction positively.

    Bitcoin Price Prediction

    At the time of writing, the price of Bitcoin is $20,301.64 USD, with a 24-hour trading volume of $34,816,811,677 USD. Bitcoin has increased by 2.11% in the previous 24 hours. BTC is now ranked first on CoinMarketCap, with a market cap of $392,114,358,545 USD. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,314,418 BTC coins.


    Bitcoin Price Chart

    Source: CoinMarketCap

    Bitcoin Price Prediction: Weekly Chart

    As per the weekly chart, Bitcoin is moving on the edges of a bull run as per the trendlines. The curve which the BTC is following since 28 March 2022 till the date is showing some good rebounds as the prices have never gone below this curve. Right now, BTC made a red candle which is almost touching the bottom of the curve which is a sign that prices will go higher from here if everything remains in favour.

    To support the Bitcoin price prediction, with the curve, two parallel trendlines are also making a story. Since June 2022, the lower line has been acting as a support for BTC and the upper line as resistance. Prices have already tested both. Support has been tested three times from which the BTC obeyed support almost two times before going downwards. But after which it again retraced the support.

    Resistance has been tested multiple times and hasn’t been breached since June 2022. The RSI is at 46 which shows a positive sign as there are less sellers than buyers in the market. 

    Bitcoin Price Weekly Chart

    Source: TradingView

    Bitcoin Price Prediction: Daily Chart

    According to the daily Bitcoin price prediction, the price decreased today due to continued selling pressure. The price of the BTC/USD pair has plummeted dramatically in recent days, and bears have maintained their lead. 

    The top cryptocurrency's market value has also dipped to $386 billion, as BTC's market share has fallen below 40%. The 24-hour trading volume is $42 billion, a 4% decline.

    Going forward, Bitcoin's technical indications are negative, and it is expected to stay volatile in the short term. The relative strength indicator (RSI) has plummeted to 27.30, indicating that if buyers do not come in soon, Bitcoin may suffer additional losses. The moving average indicator's value is presently around $21,916, and if Bitcoin manages to break through this level, it may face more selling pressure.

    The Bollinger band's width is also shrinking, indicating that Bitcoin may soon have an explosive breakout to the upside or fall. The upper Bollinger band is now set at $25,433, while the lower Bollinger band is set at $20,479. As long as BTC is trapped between these two levels, it may remain range bound in the near term.


    Bitcoin Price Daily Chart

    Source: TradingView

    Bitcoin Price Prediction: Onchain Analysis

    Notwithstanding the FUD produced by the Silvergate catastrophe, the buildup of whales and sharks continues, according to Santiment figures.

    At of this writing, addresses with 10-10,000 BTC accounted for more than 67% of all addresses. Looking at the data, it is evident that there was an increase in whale and shark accumulation on March 11, corresponding with the period when USDC was suffering capital flight.


    Bitcoin addresses chart

    Source: Santiment

    Even though the number of deals has grown, the majority of tokens have left exchanges. Because of the ongoing swap with USDC, an increasing number of Bitcoin (BTC) holders are withdrawing their coins from exchanges.

    According to CryptoQuant's Netflow metric, more BTC left the system on March 10 than entered; this trend has continued as of this writing.

    Bitcoin Exchange Netflow Chart

    Source: CryptoQuant