Sirwin
Sirwin
BTC price bulls delayed

Pre-halving bulls fail to decisively go over $10,000


I've made a hypothesis before that bitcoin bulls would come slowly because the world was in the middle of the coronavirus pandemic. After analysing the data over the past 24 hours, it seems like this really is the case

A quick refresher on coronavirus stats

Currently there are over 3.9 million cases and 270,000 deaths. As coronavirus batters the world economy, bitcoin's bulls may only be short-term and fueled by hope.

Why bitcoin won't spike like the news is suggesting

As the US is approaching 35 million jobless workers, and other countries are following suit, purchasing of bitcoin is limited as families are now starting to save their money instead of spending like they did pre-corona. A reduce in demand usually corresponds to a reduction in price. Another thing is that the official number of coronavirus cases is only the tip of the iceberg-limited testing in third world countries(where diseases spread like wildfire) combined with government concealment means that the actual number of cases may be a whopping 5x higher than the official numbers.

Today's bitcoin price analysis

After enjoying a brief rise to the $10,000-$10050 range, the bitcoin price slumped to the high $9700s. Then the price of bitcoin touches $9,975 and then goes back down the the high $9800s. What this may be indicating is that these short-term bulls are fueled by hope, but then when the investors realise that bitcoin's price didn't go up the way they expected it to, they are afraid to invest any further. This creates a vicious cycle where prices abruptly go up and down, and with this confusion, it's not even clear what post-halving prices will look like. 

Current BTC price - %+0.7 (1 hour change)- $9,925

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thecryptoguy123
thecryptoguy123

Hi, I am a new blogger. I am keen to share knowledge for all of us to know.


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