What’s Next for Bitcoin Falling Under $ 5,000?

After the crash of last week, things are not getting better for Bitcoin investors. Bitcoin (BTC) fell once again during the $ 5,200 – $ 5,500 range and is trading at $ 4,870 at the time of writing. With the collapse on March 12, the biggest cryptocurrency fell to $ 3,600.

What’s Next for Bitcoin (BTC)?

After my Bitcoin fell below $ 5,000, investors started asking what’s next for the cryptocurrency. According to experts, the short-term outlook seems decisively downward.

Byzantine General, a well-known crypto money tarder, recently stated that BTC could retreat to $ 4,700 in the short term, with Bitcoin strongly rejecting $ 6,000 and futures funding rates returned to 0 percent.

I’m gonna go back to less talking, more charts.

Aiming at 4700.$ BTC pic.twitter.com/jkhwbrliyv

– Byzantine General (@ByzGeneral) March 16, 2020

The analyst also noted that Bitcoin is unlikely to recover anytime soon on the macroeconomic ground that has emerged due to the rapid spread of the coronavirus.

There is another risk caused by price drops. “Miner capitulation” seems possible due to the production of BTC below its cost. According to the indicator of Hash Ribbons, which follows the moving averages of the speed of the hashrate of the Bitcoin network, another 50 percent collapse may occur due to Bitcoin miner capitulation.