If you own bitcoin then you know exactly what I’m talking about regarding the roller coaster ride it’s been experiencing since the Coronavirus has run rampant all across the globe! The value has fluctuated quite a bit but mainly for the worse.
Simon Peters a cyrpto analyst at eToro stated the following:
“It will be interesting to see if demand continues to increase over the days to come and whether we start seeing some more prominent higher highs and higher lows in price action. This would give me more confidence that a recovery is on the cards,” Peters said, adding “we’re not out of the woods yet.”
This is with regards to the short rally that took place where the value of bitcoin jumped to just over $7k, but at the time of writing this article it dipped to just above $6k.
The problem is that a big crash seems to be on the horizon, at least according to experts within the field. Simon Peters again warned of the following:
“Right now, most people are shell-shocked—they’re still in the denial phase. I believe we are primed for a powerful bull trap very soon [especially] with all these stimulus announcements. The market will probably bounce hard, which will suck in all the dumb money … Once investors get complacent and cocky again after a sharp market rebound, that sets the stage for the rug to be pulled out from under them, which will lead to an even more powerful crash than the first one.”
Are you ready for this? Now more than ever it’s time to monitor the pricing of bitcoin. Don’t get complacent as it could lead to massive losses.
For more information on this roller coaster ride that BItcoin is experiencing see the full article at Forbes.com