Bitcoin witnessed a highly volatile month as the price at one point fell as low as $3,800 before making a significant recovery above the $6,000 mark. But the price is still expected to make a massive downside movement in the coming days.
Bitcoin is likely to fall in the coming weeks.
At the time of writing, the price of bitcoin is trading at just above $6,400, which is nearly 2% up in the last 24 hours. This was one of the worst months for bitcoin since February 2018, as the price of bitcoin fell almost 58% on March 13. Since then, the leading cryptocurrency had made a significant recovery, but the danger still roams around. A massive downward movement is expected in the coming weeks.
Bitcoin is still coupled with traditional markets.
After witnessing slump over the weekends, several cryptocurrencies made a noticeable comeback on Monday, along with traditional markets. The price movement of bitcoin on Monday indicated that the leading cryptocurrency is still coupled with traditional markets as the coronavirus outbreak continues to impact the global economy. The short-term prediction for bitcoin is quite bearish as coronavirus continues to spread, and financial markets fail to gain any positive momentum.