Bitcoin’s loss of more than $ 2,000 in almost a week takes crypto investors’ breath away. Such a sharp decline of the leading cryptocurrency has caused fear to replace recent greed. In addition, it seems that some traces on the bearish chart remind the bottom point of March 12, which will further increase the fears.
The sudden drop of $ 2,000 is reminiscent of the recent market movement that dropped the price to $ 3,700. In fact, the economic situation seen at that time also resembles the current decline and situation. The coronavirus-induced crisis had an earthquake effect on the US stock markets and economy, and a strong selling pressure emerged.
Although BTC went above $ 10,000 in February 2020, it was followed by a 50% or more decline. The fact that this comes after a 30% drop in the US stock markets increases fears about the current situation. Both the stock markets and the cryptocurrency market declined sharply on September 3.
Will BTC See $ 3,000 Again?
Looking at the reasons and the graph below, it is seen that the downward movement continues almost exactly. So is there a possibility that Bitcoin will regress to $ 3,700 again?
It is known that the crypto money markets are very strongly affected by the US market and there is a positive correlation with the stock markets. This also points out that a decrease as on 12 March is possible. However, there are possibilities for whales to make the decline differently to surprise the individual investors who expect this decline and to gain more profit.