While I like the idea of Bitcoin not falling further, it's now relatively clear that not only is Bitcoin highly correlated to the global markets, but also it is not a safe haven, at least not yet. I wouldn't expect a bounce back to 8k so soon. And if we do, it may just be another dead cat bounce before further movement to the downside.
We've killed almost a year of uptrend in just a matter of days. We're now in the 6k range that was a heavy support that eventually broke in '19. I think there's a chance we go back to 3k rather quickly if the global turmoil doesn't fade out. Bitcoin and cryptos are still too volatile for investors to risk their money in it when everything else is going down.
I'll have to admit I was wrong when I said and believed we would never see 5k again just a few months ago.
We've killed almost a year of uptrend in just a matter of days. We're now in the 6k range that was a heavy support that eventually broke in '19. I think there's a chance we go back to 3k rather quickly if the global turmoil doesn't fade out. Bitcoin and cryptos are still too volatile for investors to risk their money in it when everything else is going down.
I'll have to admit I was wrong when I said and believed we would never see 5k again just a few months ago.