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Bitcoin ($BTC) fell sharply after U.S. President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve.
Instead of triggering a bullish reaction, however, the announcement turned into a classic ‘sell the news’ event, with Bitcoin crashing from $92,000 to below $85,000 before stabilizing around $88,000 at press time.
The cryptocurrency had rebounded from $83,000 to $92,000 earlier in the week ahead of the White House Crypto Summit on March 7. However, investor sentiment soured after the order failed to outline a buying strategy, instead relying on seized Bitcoin assets with no immediate impact on the market.
At the same time, some analysts see this as a move that could encourage other nations to follow suit, further legitimizing Bitcoin.
Adding to the mix, fresh U.S. job data added to market speculation, with nonfarm payrolls increasing by a seasonally adjusted 151,000 for the month, in line with expectations, while unemployment edged up to 4.1%, fueling optimism over potential rate cuts by the Federal Reserve.
Finbold AI predicts Bitcoin price target for March 31
As Bitcoin hovers around its current level, Finbold’s AI-powered prediction tool has provided an updated outlook for its trajectory leading up to March 31, 2025. Based on technical indicators and market trends, the model forecasts an average $BTC price of $102,938, reflecting a 16.34% gain from its price at the time of prediction of $87,139.
Despite the overall bullish projection, AI models show a range of potential outcomes. The most optimistic forecast, generated by Claude 3.5 Sonnet, anticipates a 21.22% surge, which would place $BTC around $107,217 by early March.
Meanwhile, Grok 2 Vision presents a more cautious outlook, forecasting a 12.46% increase, translating to a price of $99,484.
Analyst take on $BTC
Despite lingering mixed sentiment, the broader trend remains bullish. According to an analysis by TradingShot, Bitcoin is expected to consolidate sideways throughout March, attempting to establish a firm bottom before making a decisive move. Historical price trends suggest that a potential breakout could unfold within a month.
At the same time, CryptoQuant analysts note that Bitcoin is currently in a pullback phase, with liquidity constraints preventing a breakout. Short-term rallies may face resistance, and a sustained uptrend is unlikely until Bitcoin enters a new accumulation phase.
Until long-term holder accumulation resumes, analysts warn that Bitcoin may struggle to sustain upward momentum, delaying a decisive breakout.
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