Bitcoin Price Drop Will Most Likely Continue
Bitcoin found support around $7.7k a few days and this was an important level that Crypto Daily has been mentioning for the past three weeks.
The price ended up declining even more than that, but it was successful in finding support above this level.
But a couple of days ago, things suddenly went downhill, and BTC fell under the critical level of $5,000.
Before this sudden fall in price triggered mostly by the global disaster due to the coronavirus pandemic, the online publication says that we should have witnessed a bullish scenario, and we should have seen a $9k level being surpassed. This time, it’s not the case.
BTC will witness further decline
The online publication says that we could be witnessing more decline.
They noted that under the bullish scenario, we would want to get this correction over and done with soon as possible.”
The online publication also addressed the fact that the stock market is also vulnerable, and “Gold (XAU/USD), which is perceived as a safe haven asset, has not been doing so well the past few days.”
Crypto Daily writes that we’re definitely looking at a major potential decline in Gold (XAU/USD) if it breaks below the rising wedge.
Also, “The oil market is also eyeing further downside as Saudi Arabia, and Russia continue with the oil war. Meanwhile, the Dollar Currency Index (DXY) has been able to garner some strength and has now climbed back above the 100-week EMA.”
Bitcoin optimistic scenarios
Despite the massive economic disaster worldwide, there are also some more optimistic predictions for the crypto space.
Jehan Chu, who is an exec at the blockchain hedge fund and venture capital company Kenetic Capital said that the drama is far from over.
But, on the other hand, Chu said that the virus and the global economic weakness are offering a solid case for investors to flock into the crypto industry and BTC may bounce before the halving.
At the moment of writing this article, BTC is trading in the red, and the most important coin is priced at $5,360.45.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.