Analyzing Bitcoin data along with Chinese stock prices since January 24, according to Light Media, said the top cryptocurrency has been 'infected' with the downturn.
Over the past few days, Bitcoin has really correlated with stock prices in China. This is reminiscent of another global event, the Iran crisis earlier this month.
“The risk-evasion associated with the Corona virus is covering Chinese stocks… and Bitcoin. Correlated with Iran, now Chinese stocks, ”Light Meida commented.
Summary analysis: “If there is a positive statement for this phenomenon, Bitcoin price has now entered the global stage, certainly Bitcoin and the cryptocurrency market in China will be seriously affected if the situation The corona virus image lasts longer and worse. ”
The virus “factor” appears at a sensitive time when the Chinese New Year usually creates a huge selling pressure on Bitcoin.
Some other comments
Despite the downtrend, many professional traders still support Bitcoin. Mati Greenspan, a former senior market analyst at eToro, thinks that Bitcoin will recover quickly. Mati noted that the current price is only temporary, even a positive sign for Bitcoin.
Professional Bitcoin analyst and trader Filb Filb also believes that the market's most valuable cryptocurrency will soon hit $ 10,000. The time for Bitcoin to reach this price level may fall in late January or in February 2020.
“Bitcoin will continue to correct and stop at around $ 8,000 before continuing its uptrend,” famous trader Josh Rager said that the adjustment of Bitcoin price is of course to happen after this virtual currency had a strong start in 2020.
Analyst Nicholas Merten said that Bitcoin and the cryptocurrency market have just begun to grow. Merten believes that Bitcoin will reach $ 100,000 in the next cycle and will be increasingly recognized in the mainstream market.