At the start of this week, we saw significant selloffs for the leading cryptocurrency.
The past month or so, in general, has been extremely volatile for the cryptocurrency industry too due to several reasons - including the outbreak of coronavirus across the world. Such turbulent movement has made investors sell and has significantly damaged the bull market.
However, many reviewers are expecting that the continuous bear market in the space could broaden significantly more. There are numerous easy aspects that lay out some of the worst-case scenarios for the Bitcoin price in the short-term. This indicates that the leading cryptocurrency could see some significant bearishness for the next two months if predicted correctly.
Of course, there is some downside to this. With bitcoin miners not selling in the market, it indicates “the jaded negativity was regarding the strength and liquidity of the market irrespective of the constant growth from the price standpoint,” according to Cryptopolitan.
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
One analyst and trader on Twitter, MoonOverlord talked on a new bitcoin era, saying:
Feels like were in a new $btc era, price action above $9-$10k being stifled and sold heavy, all wicks to the upside
Historically dips, and a majority of wicks were to the downside, feels that like has flipped, especially in this newest structure pic.twitter.com/aA7gVHyoDy
— moon (@MoonOverlord) March 10, 2020
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
