Bitcoin And Coronavirus - The Simple Truth

#bitcoin #crypto #cryptocurrencies
I explain the simple truth behind the effect the Coronavirus may have on Bitcoin. Step by step.

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Let’s breakdown the effect that the Coronavirus may have on Bitcoin. It’s important to note that Bitcoin is still respecting key historical pre-Halving price tendencies by maintaining itself above the Weekly Higher Low. This 1W HL is a recurring theme in Bitcoin’s price action prior to each of its Halvings. We tend to even see wicking price action past the Higher Low which tends to showcase strong panic selling and extreme fear as the sell side momentum overextends to the downside before reversing to the upside.

So while on a global scale COVID-19 is a black swan event, in terms of Bitcoin’s price action - it is not. Not at the moment at least, as this coronavirus catalyst may have simply aided Bitcoin in following through on its historical pre-Halving price tendencies. A retrace was expected but now it is a case of whether the retrace stops there. If the correction doesn’t stop at the Weekly Higher Low, then a Black Swan event for Bitcoin may need to be also taken into consideration given the uncertainty in all markets: both traditional and cryptocurrency.

Coronavirus may have very well be the negative catalyst that begins a recession that has been looming for the past few years. However this recession will take some time and with the BTC Halving coming up for Bitcoin, this could be BTCUSD time to shine. After all, satoshi Nakamoto created Bitcoin as a response to the 2008 financial crisis. This coming recession will be Bitcoin’s first true test as a viable alternative to fiat.

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