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.
In my opinion, the pandemic did some negative effects on the price of bitcoin but I don't think that it is the major reason why the price dumped. When the price dumped, there are those that say it is the pandemic, some say that it is because of the bitcoins being moved to the mixer by the scammers. Between those two, I would go with the scammers. Even though stocks are hugely affected by the pandemic, crypto currencies are not the same. IT is not directly affected since the ones that are affected are its users and these users are selling btc since they needed it but the fact that the price is increasing means that those people who sold their btc are not that many.