Confidence in the recovery of the Bitcoin price is currently extremely low. 48% of respondents expect a recent survey, a further price slide.
Bitcoin has lost confidence
The trust in Bitcoin at the Moment is not too large, since almost half of the respondents expected more sales and an enhanced surrender. It is assumed that the BTC price drops to a level not seen since the lows of 2018.
But what investors with low to 3.200 $ stands count? The Bitcoin price was far removed from this goal, because when you Trading in the last week, orders under $ 4,000 to have been executed. But even after the recovery, many doubt whether BTC could return to a higher level.
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One of the reasons for this are: Bitcoin exists on a market, on the almost constant upward movements were the Norm. Now this trust is gone, and given the uncertainty about the global economy and an impending recession, little hope that Bitcoin will return to higher prices.
The expectation that a price recovery will take for Bitcoin to be longer and of a mood swing depends, and will continue to push prices down.
Bitcoin-price on there periods of relative stability
Also, the Bitcoin market price has moved in the past year, relatively stable, and for 2020-a relatively soothing range between 7,000 and 14,000 dollars per coin was expected.
Instead, Bitcoin showed again that he can fall within a matter of hours under the projected price range. Also, the currents gen emergency cash undermined the mood. Josh, Roger, BTC-Trader, and Analyst, is not expected back soon the money is flowing into Bitcoin.
A big part of $BTC sell 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 soonSo unless stocks rally, or you convince your entire town to buy BitcoinDon’t expect a rally soon— Josh Rager 📈 (@Josh_Rager) March 14, 2020
Until recently, short-term variations caused on the stock market, sometimes to BTC rallies. During the Iran-American tensions in January, BTC rose to over $ 10,000. Even the early Coronavirus-had BTC over 9000 dollars.
But the General market crash and the Dow Jones that fell closer to 20,000 points, also led to the crypto markets to panic. The recent downturn has revealed systemic weaknesses, such as the risk of leveraged Trading in Futures.
The Emergence of the “whales” throwing physical Coins on the market, also showed that not all BTC owners are long-term bullish. Instead BTC in times of uncertainty, to a fast source of money was.
Due to the recent price drop, many look now with dwindling optimism on the upcoming halving. The Mining has shown no signs of “capitulation”, because the values are still over 110 fifth Hashes per second.
The halving could be now as a further Test for the network, since low prices may be unprofitable, blocks with low reward, reduce.