During the last ten days, bitcoin has experienced massive volatility as the price rose to $6,900 before retracing below $6,000 in just space of a few hours. Bitcoin witnessed the highest volatility rate in six months.
Bitcoin is yet to see the bottom.
Several crypto analysts believe that despite a massive rally yesterday, the bottom for bitcoin is still not in. Bitcoin reached as low as $3,600 on Thursday, last week. The price of the leading cryptocurrency is currently trading at just above $6,200, 3.1% down over the previous 24 hours. According to Michaël van de Poppe bitcoin bottom is not in yet.
Global markets continue to crash amid global pandemic.
The coronavirus pandemic has caused global markets to crash as governments try to revive them by announcing various stimulus packages. But bitcoin so far has responded in accordance with the financial markets. The short-term prediction for bitcoin is quite bearish, and it is expected to fall below $5,000 in the short term. The coronavirus pandemic has triggered financial markets all over the world to plunge, and bitcoin and other cryptocurrencies were not immune to this outbreak.