Although it may seem, that Bitcoin price has stabilized around 6 600 USD level, many forecasts appeared on the market recently. While some of them predict increases, the others suggest strong decreases for all of the top cryptocurrencies.
Analyst opinions and forecasts
Since the big crash happened on Bitcoin price at the beginning of March, market is flooded by more and more contradictory signals. According to what says one of the anonymous analysts, The Moon, Bitcoin might see one of the biggest drops for over a year in upcoming few days.
In his Tweet, he pointed 2 400 USD level, saying, that it will be Bitcoin’s bottom if it
breaks the bear’s flag support. Although, The Moon was the one, who predicted Bitcoin price drops on 12th of March, it does not promise, that leading cryptocurrency is preparing for another crash.
Since we are already talking about psychological aspects and investor’s behaviour, they might be looking for a salvation for their savings in fear of massive inflation. Most of people think, that fiat currencies will fail, because governments print them in times of such a big crisis. According to Changpeng Zhao (CEO of Binance), current actions taken by the governments will cause big inflation in upcoming few months. This in turn, might be a positive phenomenon for cryptocurrency prices.
Although, Bitcoin price has strong fluctuates, fewer and fewer people will be changing it to fiat currencies. One of its basic pros, is that Bitcoin has deflationary character. There will be only 21 million coins.
Bitcoin price chart situation
Current Bitcoin price is around 6 717 USD. Over last 24 hours, BTC has noted 1,33% increase. Yesterday’s session opened on 6 675 USD, and closed on nearly 6 716 USD. It was a 41,27, so BTC price increased by 0,62%.
When it comes to fear index, there is still extreme level of panic on cryptocurrency market. Although, current situation is way better than it was few days ago.