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BITCOIN PRICE PLUMMETS TO $3,858 ON COINBASE
On Friday morning, many crypto exchanges saw the BTC price tumbling to a daily low at around $3,800, after which it quickly returned to above $4,000.
On Coinbase, the king of crypto hit a daily low at $3,858, while on Bitfinex it stopped at $4,001.
The last time when Bitcoin (BTC) was trading below $4,000 was in April 2019, so the cryptocurrency touched the lowest level in almost a year.
This is by far one of the worst weeks for Bitcoin. Since Monday, it has lost 53% to its recent bottom. Last Friday, it traded above $9,100, and has lost 58% since then.
However, most of the pain came yesterday, when bears tested one support level after another.
Initially, Bitcoin fell to around $7,500, which was a strong support line of an uptrend that started to form in April last year.
Once it broke below it, the price plummeted and ignored any logic. Bulls were crashed and the updating lows imposed traders to close their positions en masse, which fueled the panic.
Panic has been the norm this week not only for the crypto market. The stock markets also crashed to multi-year lows, with US and European indexes experiencing their worst declines in over 30 years.
The trigger point of all this economic horror is the coronavirus outbreak that started in China and spread to Europe, South Korea, Iran, and other regions.
The price war between Saudi Arabia and Russia has also had an impact, as oil prices crashed 30% on Monday, which was the biggest single-day decline since the Gulf War in 1991.
The crypto market couldn’t remain indifferent to the economic shock and has lost half of its value this week, falling to below $140 billion.
It has lost over $90 billion in the last 24 alone.
Bitcoin Under $1K Is Possible Warns Veteran Trader Peter Brandt Veteran trader Peter Brandt — who is famous for correctly predicting the market crash from the all time high — today tweeted an answer that no one wanted to hear in response to an inquiry about the new ‘bottom’ for Bitcoin due to coronavirus.
Brandt said that if he looks at the Bitcoin chart “without bias” the new bottom is potentially “sub-$1,000”.
That’s almost 80% below the current price, which is just under $5000.
The one time commodities analyst is no crypto skeptic — in fact, he’s often more bullish than bearish about Bitcoin, and believes that parabolic increases in the Bitcoin chart could see it hit $140,000.
Brandt also correctly tipped a price spike during the depths of crypto winter shortly before the Bitcoin price doubled in mid-July.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
If I interpret the chart without bias, I would say sub $1,000
— Peter Brandt (@PeterLBrandt) March 12, 2020
This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.
— Edward Snowden (@Snowden) March 13, 2020
Bitcoin just jumped $1,800, 40%, in three minutes on Coinbase.
What. The. Hell.
— Nick Chong (@_Nick_Chong) March 13, 2020
No, Bitcoin as a store of value isn’t dead just because it had a super shitty day. No, Ethereum and defi aren’t dead just because they had a super shitty day. In the coming months the world will see what anti-fragile means.
— Erik Voorhees (@ErikVoorhees) March 13, 2020
https://cointelegraph.com/news/us-fed-unveils-15t-rescue-injection-but-will-bitcoin-price-rebound
https://cointelegraph.com/news/bitcoin-under-1k-is-possible-warns-veteran-trader-peter-brandt
https://cointelegraph.com/news/edward-snowden-feels-like-buying-bitcoin-amid-price-crash