While there are a few who believe that the recent catastrophe like series of all the markets getting crashed is a short-term effect of Corona, a large portion believe that the markets are likely to see more gloomy weeks.
As far as the crypto market is concerned, Peter Schiff, a strong crypto biggie, has opined that Bitcoin is going to witness more losses soon, responding to a tweet by Kevin Svenson, which noted that BTC would outperform Gold.
#Bitcoin is getting ready for another 50% drop.
— Peter Schiff (@PeterSchiff) March 14, 2020
Josh Rager, a very well-known personality in crypto space, has also expressed a similar thought. BTC won’t see any huge rally unless a strong buy sentiment occurred, and that cannot happen just like that. He tweeted:
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
— Josh Rager ? (@Josh_Rager) March 14, 2020
While the fact that this bearish sentiment may continue for a bit long is something too negative to believe, predicting a quick jump above $10k seems too paradoxical to the current market scenario.
Bitcoin Price Analysis:
The first week of the month spent smoothly with a mild bullish impact as it climbed above $9000 gradually from $8524. In the next week, Bitcoin started losing its charm, and over the last two days, BTC to USD price has witnessed an absolute meltdown.
The coin shockingly went even below $4900, which was a jaw-dropping move of BTC for the traders, and recently, it has rebounded above $5000 with a lack of stability. The coin seems to have resistance level at 38.20% Fib level (at around $6000). Also, the coin is way below both the SMA lines, and the short term SMA line is below the long term SMA line noting a negative trend.
After Bitcoin hit bottom even below $4900 yesterday, the coin has woken up with a not so volatile vibe today. BTC has formed a correcting wave since morning and has been ranging around 5400.
Recently, Bitcoin price has tested support at $5227 and is trading above $5300 now, which is below the 38.20% fib level. The coin is below the 9-day EMA line right now with a negative bias. Also, the MACD indicator is set to enter the bearish zone. Hence, as per the Bitcoin price forecast, the coin might face downside correction in the near-term.