In brief:
- Bitcoin has an 18.5% chance of hitting $100k by the end of 2021
- The quarterly and monthly close is hours away and could mean volatility for the next few hours
- $947M in trading positions have been liquidated in the last 24 hours
- However, Bitcoin is on track towards closing the first quarter of 2021 with 100% in gains
Bitcoin has an 18.5% chance of hitting $100,000 by the end of 2021. This is according to data from Skew.com that was shared by the team at Unfolded through the following tweet.
There is a 18.5% probability of #Bitcoin hitting $100k by the end of the year. pic.twitter.com/32eDTw4g29
— unfolded. (@cryptounfolded) March 31, 2021
Bitcoin’s Quarterly and Monthly Close is in a Few Hours Away
To note is that today is the last day in the month of March and also the last day of the first quarter of 2021. This translates to potentially high volatility as the month and quarter come to an end later on today.
The volatility has already started to unravel as $947 million in trading positions have been liquidated in the last 24 hours. This is according to data from Bybt.com as seen through the following screenshot.
Bitcoin on Track Towards Closing Q1 with 100% in Returns
Earlier today, Bitcoin hit a local high of $59,800 – Binance rate – before suffering a brief nose dive to $56,769. At the time of writing, Bitcoin is trading at $57,900 and the King of Crypto is on track towards closing the first quarter of 2021 with 100% in gains as demonstrated in the following screenshot courtesy of Bybt.com.
Bitcoin Will Close the month of March on a Positive Note
To note is that Bitcoin opened 2021 at a value of $28,939. Therefore, a close above $57,878 will be enough for Bitcoin to gain by 100% in the first quarter of 2021.
From a monthly perspective, Bitcoin is on its way towards closing the month of March with 27% in gains. This in turn means that Bitcoin has been on a winning streak for six straight months since October 2020. Furthermore, Bitcoin has closed has had positive returns in ten of the last twelve months.
