- Bitcoin halving in 2020 has been predicted by most as a catalyst that will send BTC to the moon.
- The corona virus pandemic changed the global financial situation and caused a stock market and crypto market crash in mid-March.
- Today's stock markets are in the red due to confirmation of a second wave of COVID19.
- Bitcoin's chances of hitting a new all-time high in 2020 have dropped to 5%.
At the beginning of 2020, the mood and atmosphere around Bitcoin was rather optimistic due to the halving event in May of this year. However, many BTC investors and traders had not expected a global pandemic to emerge in the name of the corona virus. The rapid global spread of COVID19 caused Bitcoin to crash rapidly in mid-March, hampering potential massive gains from BTC ahead of the halving.
The probability that Bitcoin will reach a new all-time high in 2020 has dropped to 5%
In addition, the spread of the coronavirus has entered a second phase, in which cases confirmed worldwide with the majority of new infections in Brazil and the USA have almost reached the 10 million mark. The latter country now has 2.47 million confirmed cases of COVID19, and several states such as Texas are interrupting reopening plans to stop the disease from spreading.
These recent developments regarding the spread of COVID led to
in the US stock markets, which are experiencing significant losses today, June 26th. As a result, Bitcoin is also in the red as BTC struggles to maintain and maintain the $ 9,000 support zone as the asset continues to correlate strongly with the S&P 500.
With this in mind, the likelihood of Bitcoin reaching a new all-time high in 2020 has drastically decreased. Data from the Skew.com team show that the chances that Bitcoin will boost and overshadow its 2017 performance are now 5%. Below is a table from Skew that provides a graphical representation of this information.
What's next for Bitcoin in the crypto markets?
The 5% chance that Bitcoin will hit a new all-time high is something Tone Vays had said earlier in the week when he predicted that BTC would remain below $ 10,000 by 2021.
As I have been saying for months, I have no reason to detach myself from my forecast earlier this year that Bitcoin will get stuck between $ 6,000 and $ 10,000 for most of this year
In addition, the Pantera Capital team also predicted that Bitcoin's dominance will decrease as we approach 2021. It can therefore be concluded that Bitcoin has entered the bear area with adequate support in the range of $ 8,100 as this coincides with the support level of the 200 day moving average.
Disclaimer: This article is not intended as financial advice. Any additional opinions contained herein are those of the author only and do not represent the opinion of EWN or any of its other authors. Please do your own research before investing in one of the many cryptocurrencies available. Thank you.