Bitcoin to Nigerian Naira Signals and Price Predictions

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The Nigerian economy has structural problems, because the country is in a prolonged crisis, which is accompanied by political instability and frequent armed conflicts. The naira exchange rate is manually managed by the Central Bank. An attempt to let it "float freely" led to the fact that the official rate approached the rate on the black market, having almost doubled. But this did not solve the problem of the shortage of cash dollars in the country. Therefore, the local population has found a way out by investing in cryptocurrencies and, in particular, BTC, which is the only option to protect savings and make money on the volatility of cryptocurrencies.


In our article, you will be able to learn the latest price forecasts and signals on the BTC/NGN currency exchange rate for 1 hour-1 week. BTC/NGN forecasts and signals are based on the technical analysis indicators.

NOTE!

On this page, you will find the latest information about current prices, updated and new forecasts for short and long-term intervals:

  • Asset quotes are updated every minute.
  • Price chart is updated every minute.
  • Technical indicator data is updated according to the time frame. For example, on M5, the data is updated every 5 minutes.
  • Medium and long-term forecasts are updated every hour.

Bitcoin price prediction for 1 day and for 1 week

Short-term Bitcoin forecast by TU is prepared automatically on the basis of technical analysis of moving averages and indicators for each timeframe (interval) separately. Select the timeframe you need to find out Bitcoin forecast for today.

NOTE!

Signals may differ on different timeframes. If you want to buy BTC and hold it for longer than one week, it is best to use the signals on daily and weekly timeframes. Timeframes from 5 minutes to 1 hour are best suitable for short-term transactions

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Indicator Based Technical Analysis of BTC/NGN

To find a better entry point, also find out what TradingView technical analysis tool signals for the Bitcoin (BTC/NGN) price. "Sell" or "Strong Sell" means that most of the signals are bearish. "Buy" or "Strong Buy" means that most of the signals are bullish. For short-term signals, it is recommended to use settings from 15 minutes to 2 hours. For long-term signals, it is recommended to use settings from 4 hours to 1 week.

What Influences BTC/NGN Long-term Price Forecast

In the short time frame, the following fundamental factors of the cryptocurrency market have a key influence on the BTC/NGN rate:

  • Speculative mood of the cryptocurrency majority;
  • Investments of large companies in BTC;
  • Regulatory decisions;
  • Bankruptcy of exchanges, potential problems with platforms in certain countries, decrease of reserves, etc.

Since the exchange rate in Nigeria is tightly controlled by the Central Bank, it is difficult to forecast the actions of the regulator. And at any moment a drastic decision of the Central Bank can dramatically change the rate in one direction or another. According to analysts, further devaluation of naira will most likely push the exchange rate up.

BTC/NGN Chart Online

Latest exchange rates online

Price prediction methodology

The following tools and instruments were used for making the prediction:


Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.

Chart analysis. Analysis comprises a review of key levels of support, resistance, trend lines, as well as patterns formed on different time frames.

Statistical tools help evaluate a probability of a fundamental factor that could impact the price, its nature and intensity of impact.

Methods of mathematical and statistical analysis; modeling, adaptive forecasting methods.

Expert opinions and consensus forecast.

NOTE!

This forecast is based on current information and data of previous periods. Emergence of strong fundamental factors capable of radically changing the overall market trend and subsequent price trend is possible. The forecasts are updated regularly based on the latest data.

This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.

FAQs

How much is 1 BTC to naira today?

The BTC/NGN rate is influenced by high volatility of the cryptocurrency market and unpredictable actions of the Nigerian Central Bank. Currently, 1 BTC costs NGN 77,000,000, but tomorrow the rate may change dramatically.

How can I buy Bitcoin in Nigeria?

The best option in terms of security and reliability is to buy BTC on a licensed cryptocurrency exchange working with residents of Nigeria.

What is the price forecast for NGN coin?

According to analysts, the BTC/NGN rate will continue to grow. This will be facilitated by the gradual growth of BTC and devaluation of naira.

When should I buy Bitcoin?

The earlier you buy BTC, the better. The Nigerian naira is rapidly devaluing, while BTC has temporary drawdowns, but Bitcoin is growing in the long term. Since BTC is now far from its historical maximum, it makes sense to buy it now to protect money from inflation.