Here's why March 2021 won't see the Bitcoin drop!

Bitcoin's price surpassed its previous peak, surpassing $ 50,000 on price charts yesterday evening. It can be concluded that the price rally is now officially the longest rally in Bitcoin's history.

But as the third month of the year approaches, a few facts need to be clarified. Based on Bitcoin's monthly returns data, March traditionally tends to be a negative time for Bitcoin's price. Why won't Bitcoin's price fall in March 2021?

However, the ongoing seasonal pattern seems to refuse to decline in March 2021. In fact, there is strong corporate support such as MicroStrategy, and today it is said that the support of similar institutional firms will continue after the announcement of the investment plan of 600 million dollars.

What does this show?

This development is an important development that shows how serious MicroStrategy is, as the company has only $ 60.76 million in cash on its quarterly balance sheet as of December 2020.

Until three weeks ago, MicroStrategy had $ 650 million worth of Bitcoin . The company then added another $ 10 million to the acquisition, and with the latest move, it plans to purchase an additional $ 690 million worth of Bitcoin after increasing the revenue from the sale of convertible senior securities.

This brings us to the argument that Tesla's $ 1.5 billion investment in Bitcoin is just a gesture, especially since the company has $ 26.7 billion in current assets. However, there is support from banking institutions and payment processing institutions that buy Bitcoin , as well as key players such as Mastercard, Visa, JP Morgan, Blackrock, TSLA, GrayScale and MicroStrategy.

The correlation of the asset with stocks and gold falls rapidly due to the price increase. This can continue in the current market cycle, as the accumulation of whales and institutions increases demand.

At the time of writing, according to the graphs, the correlation with Gold was 0.019 and with S&P 0.21. This correlation is expected to continue to decline and may turn negative when Bitcoin's price rises rapidly and exceeds $ 50,000. As institutions continue to line up and reserves on exchanges also decline, price discovery beyond the $ 50,000 level is expected.
The main argument here is that unlike previous years when exchanges filled with Bitcoin for sale in March for tax reasons, reserves on exchanges dropped significantly in 2021. 2021 could be the year Bitcoin crosses the March bottom and continues price discovery beyond $ 50,000.

Bitcoin (BTC) price as of now$ 49,436.00finds buyers at dollar levels.