Bitcoin (BTC) price prediction for March

Written by: Michael Harris
February 21, 2021
  • A recent survey shows 5% of companies are looking to invest in Bitcoin as a corporate asset in 2021
  • Bitcoin price is up nearly 15% in February, and up about 480% since October
  • The 261.8% Fibonacci extension line comes at $63,500 and will likely act as the next target to the upside

Bitcoin (BTC) price has exceeded the $57,000 mark today as the impressive bull run extends into the second half of February.

Fundamental analysis: 5% of surveyed companies to purchase Bitcoin this year

According to a small survey by Gartner, about 5% of companies are looking to invest in Bitcoin as a corporate asset in 2021, while an additional 11% said they want to do it by 2024.

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Gartner decided to conduct this research after electric vehicle giant Tesla bought $1.5 billion in Bitcoin and MicroStrategy’s announcement of a $600 million convertible bond offering in a bid to use the proceeds to buy additional BTC.

77 participants were surveyed by Gartner, with 50 being CFOs of different companies. The views on investing in the top cryptocurrency varied based on the sector the company works in, with the tech industry showing the biggest enthusiasm for Bitcoin as 50% of its respondents expecting to invest in Bitcoin in the future. 

While 84% of respondents voiced their concerns about investing in Bitcoin due to its high volatility, the majority of them also adopted a wait-and-see approach. Over 70% of those surveyed said they are very interested in whether other companies are planning to invest in cryptocurrency. 

“Finance leaders who are tasked with ensuring financial stability are not prone to making speculative leaps into unknown territory,” said Alexander Bant, head researcher at Gartner.

“It’s important to remember this is a nascent phenomenon in the long timeline of corporate assets. Finance leaders who are tasked with ensuring financial stability are not prone to making speculative leaps into unknown territory,” he added.

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Technical analysis: Bears surrender

It appears that the BTC bears have surrendered. The price action is moving higher in a continuous fashion, without making any major corrections to the downside. Bitcoin price is up nearly 15% in February, and up about 480% since October. 

Bitcoin weekly chart (TradingView)

The only available technical tool that can measure the next target for the BTC buyers is Fibonacci extension lines. The 261.8% Fibonacci extension line comes at $63,500 and will likely act as the next target to the upside. On the downside, we may see a pullback to the $60,000 handle. 

Summary

A survey conducted by Gartner shows that about 5% of companies said they were interested in buying Bitcoin as a corporate asset this year. In the meantime, the world’s largest cryptocurrency has continued to march higher with buyers eyeing levels above the $60,000 handle.