What Will Bitcoin Meet Next?

Bitcoin would have little correlation with traditional assets, but it turned out to be the worst day in the thirty years for the US and European exchanges and the worst for the crypto industry.

On Friday morning, many crypto exchanges saw Bitcoin fall below $ 4,000. BTC then quickly rose above the $ 4,000 level. Cryptocurrency leader; Coinbase reached the lowest of $ 3,848 per day, while at Bitfinex it stopped at $ 4,110. BTC was last trading under $ 4,000 in April 2019. Therefore, it is possible to say that the cryptocurrency has reached its lowest level in almost a year.

A Bad Week For Bitcoin

This is one of the worst weeks for Bitcoin. Since Monday, BTC has depreciated 53 percent. Last Friday, the cryptocurrency, which has been traded above $ 9 thousand 100, has depreciated 58 percent since then. However, most of the troubled situation came yesterday when the bears tested one level of support one after another. Initially, Bitcoin fell to $ 7,500; Once BTC fell below this price, the decline continued and ignored any logic. The bulls collapsed and the updated falls forced the traders to close their positions collectively, which fueled the panic.

Panic did not only take place in the crypto market this week. Stock exchanges have also seen the lowest levels over the years. It is possible to say that the US and European indices have been experiencing their worst decreases for more than 30 years. The trigger point of all this economic fear is the coronavirus outbreak that started in China and spread to Europe, South Korea, Iran and other regions. The price war between Saudi Arabia and Russia has also had an impact because oil prices had the biggest one-day drop since the Gulf War in 1991.

The crypto market could not remain indifferent to economic shock, this week lost half its value and fell below $ 140 billion.

What Will Happen Next?

Bitcoin has never surprised us before. It is absurd to give a short-term forecast in such cases, but money will be revived by when the global economy will return or when it will reappear.

Yesterday, BitMEX CEO Arthur Hayes said he does not believe that Bitcoin will visit the $ 3,000 region again, and that “the maximum drop will probably remain somewhere between $ 6,000 and $ 7,000”. Nobody believed that, but it happened. The bears were very strong. Bitcoin’s daily trading volume rose to new historical heights on Coinmarketcap, reaching almost $ 69 billion. However, crypto enthusiasts have not lost their hopes. Many traders are waiting for the market to return to growth.

Shape Shift CEO Erik Voorhees used the following expressions for Bitcoin:

“No, Bitcoin, as a store of value, didn’t die just because it had a very bad day. No, Ethereum and defi did not die just because they had a very bad day. In the coming months, the world will see what anti-fragility means. ”

No, Bitcoin as a store of value isn’t dead just because it had a super shitty day. No, Ethereum and defi aren’t dead just because they had a super shitty day. In the coming months the world will see what anti-fragile means.

– Erik Voorhees (@ErikVoorhees) March 13, 2020