According to the well-known crypto analyst Fil₿ Fil₿, the price of bitcoin is likely to fall to $3,800 in the coming weeks before gaining some positive momentum. According to the crypto analyst, bitcoin will test the same level as it did earlier this month when the price of the leading cryptocurrency dropped to as low as $3,800.
Bitcoin will drop to $3,800 once again.
The crypto analyst posted out a chart that shows bitcoin forming a bullish double bottom, retesting the same lows it hit earlier this month sometime in the next couple of weeks. This same pattern has been seen two times before in Bitcoin’s chart over the last six months and has typically led to new highs.
— f i l ₿ f i l ₿ (@filbfilb) March 29, 2020
Bitcoin continues to remain highly volatile.
The price of the leading cryptocurrency, bitcoin has been highly volatile over the last few weeks as it witnessed massive swings in both directions. The price of bitcoin has not been this volatile in the last six years. The other reason that bitcoin might witness such a massive drop in the coming weeks is that it is still coupled with traditional markets. Financial markets all over the world are plunged due to coronavirus outbreak and lockdowns in several countries. The short-term prediction for bitcoin is still quite bearish, and a massive downside movement is expected.