Bitcoin Price Prediction: BTC freefall unstoppable, eyes $50,000

By John Isige
Published March 16, 2021 Updated March 16, 2021
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Bitcoin Price Prediction: BTC freefall unstoppable, eyes $50,000

By John Isige
Published March 16, 2021 Updated March 16, 2021
  • Bitcoin struggles to secure support at $54,000 as a drop to $50,000 becomes apparent.
  • The short-term analysis shows that the least resistance path is downwards.
  • Support above $54,000 will shift the bulls’ attention toward $60,000.

Bitcoin lifted to new all-time highs above $60,000 over the weekend. The real break saw the flagship cryptocurrency hit a barrier at $61,775, but the downside was protected at around $60,000. However, a massive correction was posted on Monday, throwing BTC out of balance.


The bellwether cryptocurrency tumbled under $60,000 amid the volatility caused by India’s proposed bill to ban cryptocurrencies. Massive sell orders were triggered with Bitcoin extending the bearish leg towards $50,000.

At the time of writing, BTC is doddering slightly above $54,000, but the gravitational force is yet to come down. The upside overhead pressure seems to be rising under the 50 Simple Moving Average (SMA) on the 4-hour chart.

On the downside, tentative support is expected at the 100 SMA, currently holding the ground at $51,246. The 200 SMA is also in line to prevent further losses; however, primary support has been highlighted at $49,500.

The Moving Average Convergence Divergence (MACD) emphasizes the downtrend, suggesting that it is far from over. As the MACD drops into the negative region, more declines are expected to come into the picture. Besides, the MACD line (blue) widens the gap under the signal line, cementing the bears’ influence over the price.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview 

It is worth mentioning that the downward move to $50,000 may fail to materialize if support at $54,000 holds firmly. Some semblance of stability will get the bulls from playing defense and allow them to launch assault missions toward $60,000.

Bitcoin intraday levels

Spot rate: $54,250

Relative change: -1,400

Percentage change: -2.5%

Trend: Bearish

Volatility: High

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1116 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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