The price of Bitcoin was hovering around $10,000 in February before the coronavirus pandemic led to the U.S. stock market to correct sharply. At that time, analysts expected BTC to pull back as the price had also rejected at $10,500 which is a pivotal resistance level.
Surprisingly, Bitcoin price dropped rapidly as it fell below $6,000, ultimately dropping to a yearly low at $3,600 on BitMEX. This caused mayhem in the cryptocurrency market as more than $1 billion worth of leveraged positions were liquidated.
According to Woo, Bitcoin was positioned for a bull market before the coronavirus pandemic affected nearly all risk-on markets. Woo’s new model, which accurately marked the start of four previous bull runs, indicates Bitcoin is preparing for another uptrend in the near-term.
How do you think?
Since the price of Bitcoin is very volatile, we cannot say that Bitcoin will be having a bullrun on incoming july easily. We can say that it may happen if the pattern of it's price has been read by us but the price movement is still unreadable and we cannot easily predict the future of it. Even if the supply and demand is the factor that can affect the price of Bitcoin, we cannot easily calculate it to know that incoming price of Bitcoin. Even if the professionals try to calculate it, they cannot get the accurate price of Bitcoin in the future because the movement still depends on the users.