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?
What's so surprising about the March Bitcoin price crash?The global economy was hit by the lockdowns and the shock that followed the coronavirus pandemic.It was pretty normal for the Bitcoin price to crash.
Bitcoin is always prepared for a bull market,but usually something happens and the price goes down.
Something(like an event or some positive news)has to trigger the Bitcoin price and cause a bull market.
Last year,the news about Facebook's Libra helped Bitcoin to reach 12K USD at July 10.
This year,the BTC halving helped the Bitcoin price to recover back to 10K,after the March price crash.
I don't see any events in July 2020,that will help for boosting the Bitcoin price.