Over the past two weeks, the leading cryptocurrency has witnessed massive swings in the midst of the global pandemic. On 12th March, bitcoin witnessed one of its worst days as the price nosedived below $4,000 before recovering to $6,000. The price has been highly volatile over the last months. Galaxy Digital CEO Michael Novogratz also opined that bitcoin will continue to remain volatile over the next few months.
BTC bears are in full control.
At the time of writing, the price of bitcoin is trading at just below $5,900, 6.3% down in the last 24 hours. Bitcoin reached above the $6,500 mark later last week but failed to sustain the positive momentum and fell below the $6,000 mark shortly. The short-term prediction for bitcoin is quite bearish as the volatile index has hit a six-year high.
Bitcoin is likely to fall below $5,000 in the short term.
The price of the leading cryptocurrency is likely to fall below the $5,000 mark in the short-term as bears gain back full control. Financial markets all over the world are crashing amid the ongoing global pandemic, and we have seen its effect on the crypto market as well. As the situation continues to get worse, it is expected that the price of bitcoin will fall below the $5,000 in the coming days.