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
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.
COVID-19 did cause an initial dump in price, but over 3 weeks now, it's recovery is impressive.
1. It has always been the case that unemployed people cannot invest, even before COVID-19 so that's not a reason
2. I do not agree it is fear, drastic circumstances requires surviving skills, you cannot stay hungry when you have bitcoin that can feed you.
3. Your 3rd point corellates perfectly with my no 2 opinion
4. I Think the road to recovery is near, with Mauritania declaring freedom after just 7 cases, 1 death (sadly) and 6 recoveries.
Lets say covid19 was among a factor that dropped workd economies, including bitcoin. But with the halving here, there should be a twist in events