Bitcoin dropped below $ 12,500, Altcoin continued to be affected

Kashif Raza – CEO of Indian crypto news portal Crypto Kanoon, is quite pessimistic about the future of Bitcoin (BTC) in the short and medium term.

In a tweet, Kashif Raza argued that things would be even worse for Bitcoin investors, before improving.

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.

Bitcoin price could drop to $ 3,000

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.

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However, some analysts still believe that Bitcoin will eventually bounce back.

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