These five analysts made accurate predictions for the crypto market in the month of March, in particular the Bitcoin (BTC) price, Ethereum (ETH) price, and Ripple XRP price.
Predicting the cryptocurrency market movement is a difficult task due to its high volatility and sometimes uncorrelated movement with macroeconomic events. However, these five analysts managed to do so perfectly, posting accurate predictions on Twitter for Bitcoin, Ethereum, and XRP.
Bitcoin (BTC) Leads Crypto Market Movement
Two technical analysts were successful in predicting the Bitcoin price movement. @IncomeSharks bought the March 10 lows below $20,000 and is now in more than 30% profit. The reason for the buy was the CME gap. On the other hand, @XForceGlobal used Elliott Wave Theory to predict the BTC drop perfectly.
Additionally, on-chain analyst Will Clemente used open interest to predict that volatility would return right before the March 10 drop. However, he did not specify the direction of the volatility.
On March 13-20, the Bitcoin price closed the most bullish week in more than three years in March, increasing by 27%. This confirmed the breakout and retest from the long-term descending resistance line in place since the all-time high. Additionally, it caused the weekly RSI to move above 50 decisively.
As a result, the trend remains bullish as long as Bitcoin does not reach a weekly close below $24,800, which could trigger a sharp fall toward $20,000.
As it stands, the most likely price forecast is an increase toward the next resistance at $32,000.
Ripple XRP Price Begins Massive Upward Movement
Crypto trader @cvotrades used simple resistance lines in both the price action and the RSI to perfectly predict the Ripple price breakout.
The XRP token price broke out from a long-term descending resistance line in the second week of March, while the weekly RSI moved above 50 (green icon). These are both considered signs of a bullish trend.
During the past 24 hours, the XRP price has reached the $0.565 resistance area. If it breaks out, the price could increase to $0.925. However, if the rally loses momentum, the Ripple price could fall to the closest support at $0.420.
Ethereum (ETH) Drops After Bearish Divergence
Renowned crypto analyst @Coldbloodshill was the one who predicted the Ethereum price movement. He used bearish divergences to predict the Ethereum drop on March 8-10.
The decrease was preceded by a near month-long bearish divergence (green line) in the daily RSI.
Afterward, once the indicator broke out above this trend line (white), it signaled that a new upward movement had begun, leading to a new yearly high of $1,859.
The ETH price now trades above the $1,700 area and validated it as support. This is another bullish sign, aligning with the breakout from the divergence trend line. As a result, an increase toward $2,000 is likely as long as the price does not close below this support.
However, if it does close below it, the digital asset could fall back to the $1,400 support level.
For BeInCrypto’s latest crypto market analysis, click here.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
