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- Bitcoin, IOTA and the rest of the cryptocurrency market have been trending sideways since the last crash.
- Some analysts are currently discussing a possible bottoming of of Bitcoin along the $5,100 mark.
After the sudden crash of Bitcoin on March 12 from just under $8,000 to a temporary $3,700, Bitcoin has since been able to stabilize along the $5,100 mark. Within the last 24 hours, Bitcoin recorded a minus of 2.19% to a price of $5,250. The 7-day chart shows a price drop of more than 40%.
The experienced Bitcoin trader Cantering Clark describes on Twitter that Bitcoin has not yet find the bottom because the stock market has not yet bottomed out either. Although some experts in the industry regard Bitcoin as the new digital gold, current developments show that Bitcoin is also not detached from the stock market and the rest of the financial market. Clark explains in detail:
Bitcoin will be free to put in whatever positive price action it can when the major markets idle. As they say “When the cats away the mice will play” The moment equities shit the bed again Bitcoin will follow. $SPX $ES $BTC
Crypto-Trader and Blockroots founder Josh Rager describes that current developments are also driven by panic selling as investors seek to secure their money in cash. These reactions are also due to the further expanding corona virus. Rager thinks that Bitcoin will not rise again until other financial markets, such as the stock market, stabilize. He considers it unlikely that a rally will follow in the near future:
A big part of $BTC selling off is due to a panacked marketplace where traders are looking to get into cash.
That same cash isn’t going to be flowing back into Bitcoin anytime soon.
So unless stocks rally, or you convince your entire town to buy Bitcoin.
Don’t expect a rally soon.
Cryptoanalyst and Texas West Capital Trader Scott Melker, also known as “The Wolf of All Streets” describes that the biggest price movements are yet to come, although Bitcoin has already shown a loss of almost 48% in the last 30 days. In his opinion, the current developments show that the Bitcoin market is still relatively simply driven by panic and hype.
Melker thinks that the global economic crisis will also affect the crypto market, but that Bitcoin and the blockchain will survive in the long run:
Bitcoin will be fine. Crypto as an industry is somewhat screwed for the foreseeable future in my mind. Blockchain is the future. The few great companies and projects should and will rise to the top.
Altcoins follow Bitcoin
In addition to Bitcoin, many Altcoins also have a sideways tendency. The only winners of the last 24 hours of the 30 largest cryptocurrencies worldwide are IOTA with a price increase of 3.36%, Cosmos + 10.82% and OKB with a growth of 5.76%.
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