Bitcoin will more likely experience major swings from April 11th through 19th since many countries including the US have strengthened restrictive measures to halt the COVID-19 pandemic. But despite the market facing pressure, just like any other markets, the general interest in BTC increases.
Before the next Full Moon, it is more likely that Bitcoin will flood the media but in a more positive way this time around. Investors and other risk-takers willing to plant their money in this nascent sector will beyond a shadow of a doubt see major swings from April 11th up to April 19th, 2020, as FXStreet reports.
So far, the BTC price has not plummeted to enter a bear drift once again. It has just plunged below key points such as the 200-day moving average, and it has started showing a possibility of further decline below the $7k but we have to wait and see how it will move through lower highs and lows.
As of April 9, Bitcoin is trading at $7,327 (0.64%) with a market cap (MC) of $134.19 billion and volume of $33.9 bln. The coin is expected to go higher in case it is able to break the $7,400-$7,500 resistance. It might even break the $8,000 barrier. Otherwise, we might see another downtrend with BTC falling to the level of $6,600-$6,800.
The influence of coronavirus
While bitcoin, as well as other cryptocurrencies, has been fluctuating, coronavirus seems to be stable in spreading around the world and taking away human lives. As of April 9, the outbreak of COVID-19 has affected 1,529,439, and claimed the lives of over 89,416 people globally, and has played a major part in the crash of the 2020 stock market.
Nevertheless, some experts think that this pandemic might actually be a benefit for the cryptocurrency industry. For instance, a famous cryptocurrency enthusiast Tim Draper thinks that this conflux of strands could be a climax that will bring in more new futuristic technologies as well as increasing the mass adoption of Bitcoin (BTC), smart contract and blockchain.
On the other hand, in his exclusive
interview on YouTube, Tim was cynical about the proposal of the government to print money and bailout businesses claiming that the plan will take much time before money floods the universal economy.
When central banks go ahead to print money with the intentions of “economic stimulus” the economy will be negatively affected because the printed bills will more likely shrink in value. Nevertheless, Bitcoin has much more features including being open-source, frictionless, fast, cheap fees, transparent and maximum supply and all these are viable and sustainable alternatives to fiat currency with less value.