Bitcoin (BTC) Price Prediction: BTC Could Soar by 8% to Reach $92,600

Today, March 20, 2025, Bitcoin (BTC), the world's largest cryptocurrency, appears to be shifting from its prolonged consolidation to massive upside momentum.

Bitcoin (BTC) is known for its volatility, and recent price action has seen traders massively leveraged on both the short and long sides.

According to the latest data from the on-chain analytics firm CoinGlass, traders are massively over-leveraged on the long side at the $83,400 level. At this level, nearly $920 million in long positions are at risk.

Moreover, at the $86,300 level, traders betting on the short side have nearly $375 million in short positions at risk.

Major Liquidation Areas (Chart 1)

Image: TradingView

Recently, the Fed’s decision to hold interest rates steady during the March FOMC meeting has pushed BTC above a crucial level.

According to expert technical analysis, after the March FOMC, BTC breached its prolonged consolidation and the resistance it faced from the 200 Exponential Moving Average (EMA) on the daily timeframe.

However, it is yet to be fully confirmed whether BTC will continue its 202 EMA consolidation or rally.

According to recent price action and historical patterns, if BTC closes a daily candle above the $85,800 mark, there is a strong possibility it could soar by 8% to reach $92,600 in the coming days.

This bullish thesis will remain valid only if BTC holds above the $85,600 mark; otherwise, it may fail.

BTC Technical Analysis and Upcoming Levels

If BTC fails to break above the 0.8 Fib, it may continue its consolidation and move sideways.

Furthermore, if BTC drops below the $84,000 level and breaks the 0.3 Fib, it could face selling pressure and fall further to the 0 Fib at $78,300.

Conversely, if bulls push BTC above the 0.8 Fib and break the 1 Fib at $92,608, it could rally significantly.

Current Price Momentum

At press time, Bitcoin is trading at $85,500, surging over 4.50% in the past 24 hours.

Meanwhile, its trading volume has jumped by 40% during the same period, indicating heightened participation from traders and investors compared to the previous day following bullish price action.