Bitcoin (BTC) has recently broken below the consolidation zone, plunging under $90,000 for the first time since November. Currently trading at $88,956, this downturn has sparked concerns about potential further declines in March.

Industry experts are divided on whether Bitcoin is in a range-bound phase or heading towards a breakout. Brian, lead analyst at Santiment, notes that Bitcoin whales have paused their trading activity, suggesting a higher possibility of a continued decline in Bitcoin's value.

According to IntoTheBlock, the netflow of Bitcoin's large holders has dramatically dropped by over 600% in the last month. This decline indicates that key investors are reducing their holdings, potentially adding selling pressure and increasing supply in the market.

Ledn's Chief Investment Officer, John Glover, predicts that Bitcoin may stay within the $89,000 to $108,000 range in March, outlining two potential scenarios for its price movement. Glover emphasizes the uncertainty surrounding short-term predictions due to external factors like news and the actions of significant market players.

While some investors are curious about how President Donald Trump's pro-crypto stance might affect Bitcoin's price, Glover believes that the "Trump effect" has already been largely felt and may not play a significant role in the short term.

As Bitcoin's Relative Strength Index (RSI) hovers at 31.16, indicating potential oversold conditions, there is speculation about a forthcoming rebound. If selling pressure alleviates, Bitcoin could rebound towards $92,325, but failure to do so may see its price dropping to $80,835.

Overall, the Bitcoin market is at a critical juncture, with mixed opinions from experts and indicators pointing towards potential price fluctuations in the foreseeable future.