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?
Dont know who the hell is Woo but anyone can really make out those market model that they've been trying to share out and telling that market is preparing for a bull run into that particular time.
I dont know why people are still forcing out that the current pandemic situation is the main culprit or reason on why crypto market experienced a dip down yet we didnt even talked about on
how it do able to manage to increase this high yet we are still in the presence of pandemic which basically shows up total correlation among the two.