05 Jul 2022 08:24
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Bitcoin price has nearly doubled since experiencing a massive panic in mid-March, to the point of dropping to as low as $3,800. Although Bitcoin is trading at a price above $7,000, considering the correlation with the stock market, which is forecast to be difficult in the next week, it is very likely that the current Bitcoin price will suffer a negative impact. another catastrophic decline.
In case the number of deaths due to the COVID-19 epidemic peaks, Bitcoin may suffer a general impact with the stock market
Bitcoin price is also compared with the S&P500 and other major stock market indices. The sell-off that first began in the equity markets has spilled over into the markets of cryptocurrencies, precious metals and other assets, much like Covid-19 fears spiraling out of control. That sent Bitcoin down to $3,800 after trading at over $10,000 just a month before.
In just a few weeks after the sharp drop, Bitcoin price was trading well above $7,000, opening hopes for a recovery. Together with the upcoming May halving, the sentiment is bullish once again, despite the current economic environment.
However, Bitcoin's recent bull run could come to an end by the end of this week as fear spreads across the US. Over the next two weeks, infections and deaths related to the spread of Covid-19 are expected to peak.
See more: Will Bitcoin Hit $70,000 After the Halving?
Bitcoin price may drop sharply next week
If the Bitcoin price is also affected by the stock market, another drop is likely next week. According to the data and the "curve" of the development of Covid-19, infections and deaths will peak in the next two weeks, especially in New York, which has been dubbed the "epicenter" in the US during the pandemic. this pandemic. Accordingly, images of corpses temporarily stored in morgues could cause another wave of panic selling on Wall Street.
The "a dua" of the media will exacerbate public fears. Even President Donald Trump has warned the public about the hardest things over the past two weeks this country has ever seen.
With the outlook looking very bleak and potentially triggering another sell-off in the primexbt market, Bitcoin price could also crash. Only time will tell exactly what impact the "top of the Covid-19 curve" will have on the market.