In a tweet, Kashif Raza argued that things would be even worse for Bitcoin investors, before improving.
1. More cities are going to be locked down.
2. People will rush for Fiat by selling assets including #Bitcoin.
3. Internet will be shutdown to control rumors and fake news.
4. Trading will fall as there will be no internet.
5. #Bitcoin will go below $ 3000.
– Kashif Raza (@simplykashif) March 16, 2020
Raza said that the spread of the Covid-19 epidemic would push governments to declare closure. Currently, many parts of the world are implementing policies to minimize the movement of people to limit the spread of disease.
He believes that panic-filled panic continues. According to him, people will use more cash to be able to spend on necessities instead of hoarding assets like stocks or Bitcoin.
So far, Crypto Kanoon's predictions seem quite reasonable. We have seen countless sell-offs across the markets for cash.
However, he also mentioned another case where the authorities would be forced to cut down on internet usage to control the spread of information. This will result in a lull in trading, which is done mostly online. In such a context, according to Raza, the price of Bitcoin could fall below $ 3,000. However, he did not say when that would happen.
The coin market will recover
In just the past few days, Bitcoin has lost about $ 50 billion in market capitalization. The tight fear that is enveloping the global market has also spread to the entire cryptocurrency industry. Investors turned to more cash.
However, some analysts still believe that Bitcoin will eventually bounce back.
Bitcoin consolidating, and showing signs of bouncing here. While stocks and gold freefall.
At some point the decoupling happens for real, and what we have all been waiting for happens.
The 'suddenly' part may be approaching.
– hodlonaut🌮⚡🔑 (@hodlonaut) March 16, 2020
Bitcoin is falling because Investors are clueless as to what is coming. Their mindset is similar to that of central bankers. They have no idea how bad the consequences of the current monetary & fiscal policy will be. When they figure it out en masse, #bitcoin will skyrocket.
– Fab The Fox 🦊 (@fabthefoxx) March 16, 2020
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According to BeInCrypto