At the time of writing, the price of the leading cryptocurrency is trading just above the $6,000 mark. Earlier the price had rallied to above $6,800 before retracing to above $6,000 today. The fall in the price of the leading cryptocurrency coincided with the crash in global financial markets.
Bitcoin is likely to fall below $5,000 in the short-term.
The price of bitcoin is likely to fall below $5,000 in the short term as financial markets all over the world continue to crash. Bitcoin witnessed one of the worst days last week in seven years when the price fell below $4,000. The short term prediction for bitcoin is quite bearish.
Coronavirus pandemic continues to dampen the global economy.
Despite announcing several stimulus packages to revive the economy, most of the global financial markets are still in the red. Bitcoin is not immune to the global pandemic either as it continues to plunge. The US announced stimulus packages of over $1.2 trillion to revive financial markets. The leading cryptocurrency is still in danger as the short term prediction is quite bearish. Other major cryptocurrencies also witnessed significant drops in their price in the last week.