According to YouToday, the magnitude of the recent bitcoin price crash has even surprised some experienced traders. However, professional analyst Jihan Chu believes that the king of digital currencies could have a “quick turnaround” to high levels in response to declining supply when halves of bitcoins are halved. He told Bloomberg:
As we move toward Hawking, we can expect a similar rapid turnaround to higher levels.
Chu believes such periods of fluctuation are not unusual for Bitcoin. However, these fluctuations are exacerbated by a sequence of major negative events. In the wake of the Coronavirus epidemic, the new oil war has also left the world’s financial markets at a standstill. Cho said:
Big dominoes overlap and create a chain of negative emotions that triggers a sharp sale of digital currencies.
If we look at the glass half full, Bitcoin is still experiencing more than a 5% rise since the beginning of the 5th, despite falling 2% in the terrible two weeks.
In the case of Bitcoin, history has shown that emotions in the market can change very quickly. So, Chu pointed out, we may be seeing a quick return of cows to the market before May’s forecast of May 7, which is about nine days away.
To realize this, in the second quarter of the year, bitcoin needed just 2 weeks to grow at 6%. At the end of the year, it only took a crazy month for Bitcoin to reach the highest historical price with the same amount of growth.
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