Governor of NYC warns lockdowns may last until 2020, the opportunity for Bitcoin "to the moon" in the next 2 years?







The COVID-19 pandemic is growing at an alarming rate, affecting almost every major country and having devastating effects on the global economy. Most investors get discouraged when Bitcoin is in trouble (from a price perspective) although it has long been considered a "digital gold" or safe haven asset.


Now it seems that lockdowns in major cities across the United States last until the end of 2020.


This will undoubtedly have a devastating effect on the economy in both the United States and around the world, but the question is whether this chaotic situation will create shockwaves so strong that they impact Bitcoin and other digital assets or not?


The devastating impact of the Corona virus spread to the market share and futures contract


The US stock market has been so caught up in downtrend that its consistent losses have become a symbol of a major recession.


The recession has not shown any sign of slowing down, as the futures contract of the market has dropped to the limit, which means that it cannot be further reduced before tomorrow's session starts at 20:30 Vietnam time.


This also had an impact on Bitcoin, with the transaction price this afternoon dropping 5% to just $ 5,880. Fortunately, prices have now increased slightly to $ 6,172.


Last week, Bitcoin showed some signs of breaking the correlation with the stock market, although tomorrow's trend will give traders more insight into whether digital assets are indeed can you do that or not?


Blockade order State and major cities may last longer months rest of the year, gBitcoin price will look like?


Gov. Andrew Cuomo of New York explained at a recent press conference that the ongoing blockade in his state would last for another nine months.




“Right here, Governor Cuomo said that lockdown Corona virus can last up to 9 months and up to 80% of the population will be infected with the virus ”.


bitcoin-ny


Andrew Cuomo - Governor of New York State


This means that the deadly virus's economic downturn can last for the rest of the year, potentially creating damage that can take years or even decades to fully recover.


Binance CEO and founder Changpeng Zhao has explain In a recent blog post, Bitcoin and all cryptocurrencies will be priced well in these poor economic conditions, largely due to their strong underlying value.


“I am not worried about cryptocurrencies at all. The basic indices have not changed. Unlike fiat, Bitcoin is still a currency with limited supply. Nobody can print more. Demand is increasing, especially now. It will be fine".


In order for these fundamental indices to turn into Bitcoin price action, it is imperative that it is separated from the stock market and begin to more clearly demonstrate the role of currency and store of value.


Growth 15 times in 2 years?


Mia Tan gave advice to those waiting for BTC to drop to $ 4,000 for reserves. Influential people in the cryptocurrency world wrote that since many people will sell BTC for 2 years at a price 15 times higher, the difference between $ 4,000 and the current exchange rate is relatively small to buy BTC.




“It is interesting to see people trying to buy Bitcoin at a lower price.


There will be no Italy What does it mean if you buy BTC for $ 4,000 or $ 6,000 now and sold it in 2 years for a value of 15 times.


Where does your confidence go? Do not miss the opportunity".


BTC fell to $ 5,400


According to analyst Michael van de Poppe operating in the Netherlands, Bitcoin still looks weak. According to him, testing $ 6,300 is possible before continuing to decline.


The analyst predicts that the leading cryptocurrency will fall to $ 5,400. However, he warned traders to note the possibility of further decline to $ 4,800 - $ 4,200.




"Bounce dead cat 6,350-6,400 dollars.


Price is fluctuating around the threshold support 5,750-5,800 dollars.


Still looks weak least.


The first region so long is the region $ 5,250-5,400 green (surfing and making a profit).


CI am following these lower than $ 4,200 / 4,800 ”.


'Able to rebound above $ 6,000'


Trader C2M believes that BTC can still surpass $ 6,000. Trader also tweeted a bullish sign when Bitcoin regained its swing low on November 25 last year - when prices were trading in the $ 7,000 area.




"This week will be trading range.


I do not exclude ability Wick back to high range again, though price is trading below the weekly open level.


If that's where I want to short


Pick again swing low on the 25th of November will be signal price increase ”.


BTC hash rate increased sharply


On March 22, Glassnode Alerts users tweeted that the average hash rate of Bitcoin increased significantly, more than 18% of the previous value.




“Average hash rate of BTC (MA 2 days) increased significantly in the last 24 hours.


Current value is 108,806,958,226,644,484,096,000 (up 18.2% from 92,050,002,273,200,783,360,000)


You can see the price of BTC here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Thuy Trang


According to AZCoin News




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