With the covid-19 outbreak, the world markets are in a virtual lockdown. Few predict that the global economic crisis in early 2020 is similar to the one occurred in 2008. Moreover, the bears are ruling the crypto industry from the past few days. The bitcoin price drastically brokedown from $8000 to $5000.
Even in this situation Michael Novogratz, a former Goldman Sachs partner, as well as Founder, Chairman, and CEO of crypto-focused merchant bank Galaxy Digital, believes that 2020 will Bitcoin’s year.
According to Novogratz, global confidence in Bitcoin (BTC) has evaporated following its shocking price crash. This also applies to pretty much every asset class since gold, a traditional safe-haven also collapsed nearly 15 % from its March 9 peak.
In response to his tweet, Bill Barhydt, the Founder, and CEO of crypto startup Abra claimed that
On the other hand, Crypto analyst and trader Willy Woo also seems to think that once Bitcoin has found its bottom it will “moon”:
Baidu and Google trends show an increased interest in “Buy Bitcoin”
Baidu, the Chinese search engine has seen a rise in searches for “Bitcoin”. The data index shows searches for BTC increased by 183% over the past thirty days, while the number of those looking for information on the cryptocurrency on mobile devices also shot up.
Google search results for Bitcoin in the US had a 30-day high on March 13. This was after the BTC experienced its major drop in the last seven years when over $1 billion worth of longs were liquidated.
Bitcoin Price Analysis
From the past couple of weeks, Bitcoin has witnessed some drastic price fluctuations — from crashing by nearly 50% to recovering nearly 80% of this epic plunge in the span of one week. As of now, the bulls and bears continue fighting for another decisive move, with BTC sitting slightly below the $6,000 level.