Bitcoin (BTC) Price Breaks Below $5,000 – What Can We Expect Next?

News
Mon, 03/16/2020 - 10:51
Yuri Molchan
Bitcoin is fluctuating in the $4,600 area and traders have so far been bearish as global markets remain deep in the red zone
Cover image via www.shutterstock.com
Contents

As global markets remain in the red, Bitcoin continues to fall. Within several hours, the flagship cryptocurrency slid from $5,200 to below the $4,000 mark. The price is now fluctuating around $4,600.

Now, analysts are offering their take on what may happen to the price of the ‘digital gold’ next.

‘Losing $4,800 level here’

Analyst Michael van de Poppe does not sound bullish at the moment. He has posted a tweet, saying that global markets remain in the deep red (European trading opened 10 percent lower than last week).

He noted that Bitcoin has just lost the $4,800 level and is now changing hands at $4,654.

“All the gains from Friday are gone. Europe opening on average 8-10% lower than the past week. Volatility not seen before. AEX below 400 points, which means a drop of 37% since the highs earlier this year.”

Bullish divergences are possible on higher time-frames, the analyst tweeted. However, right now the Bitcoin price is too fragile to expect a bullish reversal.

He assumes that BTC may keep dropping closer to the $4,000 level and even below it where it may find support.

‘I'm looking for low $4,000s’

Crypto trader ‘The Crypto Dog’ admits that he is ‘not macro bullish’ at the moment, expecting Bitcoin to drop lower towards $4,000 if the price stays in the current range.

Twitter user @_Crypto_Maniac_ expects the Bitcoin price to demonstrate a harder fall.

“From the looks of stock market futures, #Bitcoin should drop promptly and painfully”.

Related
'Buy Bitcoin (BTC)': Crypto Community Reacts to Fed Cutting Interest Rates to Zero

Fed’s QE fails to push BTC up

As previously reported by U.Today, the fact that the US Fed Reserve cut the interest rate negative and initiated a massive quantitative easing program has not helped Bitcoin rally, even though many considered BTC to be a hedge against events just like this.

Still, on that bullish news, Bitcoin lost another 17 percent of its value.

CEO of Euro Pacific Capital and Bitcoin hater, Peter Schiff, has taken to Twitter to criticize not only Bitcoin this time but the recent actions of the Fed that are not going to help resolve the crisis, as he says.

“The rampant inflation the Fed and other central banks are unleashing will do far more global economic damage than the #Coronavirus. Though capitalism will have nothing to do with this disaster, capitalism will get the blame. Price controls, shortages, and civil unrest are coming!"

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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