Although Halving has come close, it seems that there is no optimistic signal that BTC will rise. Currently Corona Virus is making it difficult for the leading economies in the world. And is that the main cause of Bitcoin price drops? Let me give you some possibilities
Bitcoin is speculative asset, based on supply and demand.
1. Unemployed people do not have income so they do not dare to invest in Cryptocurrency.
2. The psychology of fear that if we die by Virus and die, investing in Cryptocurrency will not bring anything when we die
3. In a difficult economy, investors need to withdraw assets and sell cash to maintain businesses such as payroll, purchase and sale of goods instead of investing in cryptocurrencies.
4. The disease has not yet been controlled, the economy has not shown signs of recovery, so investors are afraid of not participating in the Cryptocurrency market.
If we go on your reasoning, the pandemic or at least the fear in the crypto market took its toll last month plunging to $3800 but have you noticed that the market has bounce back already? If the Covid-19 has a direct impact to the market and again based on your logic the price should be 0 by now. But it didn't happened right?