Does the Coronavirus (Covid-19) make BTC to rise? - page 3.

angell134

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Quote from: rdluffy on March 01, 2020, 06:08:30 PM

It's hard to predict anything in this scenario we are living, because no one know what's going to happen, everyone is cautious right now, every person on earth should worry because we can have a big financial crisis in a few days/weeks, it's not conspiration, but we are discussing this for some time, and now with Coronavirus hitting the world so hard, there will be consequences for sure
Our entire world depends on China, and if they don't handle this problem quickly, people will going to suffer not only financially but physically too

And predicts about BTC in this specific scenario with Coronavirus is even harder, people can adopt BTC to be more secure, but what about the others who will prefer to have fiat cash to buy essential stuff for living?

The trend is not certain, but our team predicts that the number of people with coronavirus will be reduced until the end of the summer, and hopefully people will use a crypto to pay.

angell134

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Quote from: Harlot on March 01, 2020, 05:00:54 PM

And don't you think that every time Bitcoin suddenly goes up like what it did early this year isn't overwhelming? Our market is always moving in the extremes as compared to other markets we have, that even if we are consolidating we are still moving around 4-5% daily. If you aren't used to this price movements then you aren't still suited to be in this market or at least be prepared for the nect price movements of Bitcoin. Just keep in mind what I said earlier, if you thought that this price movement was “overwhelming” because it has something to do with the Coronavirus then you are wrong as BTC was bound to correct everytime it suddenly goes up.

I believe what you are saying because there is a need for price correction in the market for the uptrend and this is not the first time I have seen this bitcoin price fluctuation. With these interpretations, bitcoin has grown well in the new year. What I am looking for , this fundamentals to drive the growth and popularity of this market.

angell134

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Quote from: milewilda on March 01, 2020, 03:12:57 PM

I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.
I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.

Fundamental analysis cannot be ignored because it gives a better view of the future and has also been in a downward trend in bitcoin technical analysis.
and i yesterday we saw suport line of btc

keystroke

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advocate of a cryptographic attack on the globe

Central banks are gearing up for a coordinated rate cut.

https://www.marketwatch.com/story/goldman-economists-expect-fed-to-cut-rates-soon-to-head-off-impact-of-outbreak-2020-03-01?mod=home-page

fabiorem

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https://www.zerohedge.com/markets/coronageddon-can-minsky-moment-be-avoided

If bitcoin is aligned with the stock market, it will fall.
If not, it will go up, as a hedge against it.

lienfaye

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This virus started last year and that time the market is still in recovery phase. We saw the market turn better early this year then currently had a correction but why we connect these situations in covid-19?

I think people are just looking for an event on why this is happening in the market. But the fact is that's how the market works, it's unpredictable.

adaseb

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This isn't really that difficult to correlate. Just go to Tradingview and load a BTCUSD daily chart and click the + button to compare to some stock indicies like the Dow 30 or SP500. Plot both and what do you see?

Basically it looks like the 2 aren't correlated what so ever in the weekly charts. Basically one is trading sideways or they are both positively or negatively correlated. Now plot a 4H chart and what do you see? Around Feb 12th both had a local top, and BTC started to drop while DOW traded sideways until last week of Febraury when both of them just started tanking together.

My conclusion is that there is no correlation between the two.

Oasisman

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Quote from: btc_angela on March 01, 2020, 06:12:11 PM

I thought that BTC is due to a correction that's why we have seen it tumbled in the previous week. Might be just coincidence that it goes down when there is a latest scare in Italy that's why some have speculated that it is due to the coronavirus scare. It could be a factor as other market also had a major pullback but then again, bitcoin is steady at $8500 so we are still good. $10k will be breach again, we just have to be patience and let this scare settle down a bit.

The recent drop of Bitcoin's price may not have direct correlation with the corona virus, but It's somehow affecting it a slower phase which may not be noticed by the people. Obviously the stock are falling since some if not most of the production from the supply chain came from China.
Bitcoin might be holding in a $8,500 level maybe because of the block halving hype counteracting the global pandemic issue.

btc_angela

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I thought that BTC is due to a correction that's why we have seen it tumbled in the previous week. Might be just coincidence that it goes down when there is a latest scare in Italy that's why some have speculated that it is due to the coronavirus scare. It could be a factor as other market also had a major pullback but then again, bitcoin is steady at $8500 so we are still good. $10k will be breach again, we just have to be patience and let this scare settle down a bit.

rdluffy

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It's hard to predict anything in this scenario we are living, because no one know what's going to happen, everyone is cautious right now, every person on earth should worry because we can have a big financial crisis in a few days/weeks, it's not conspiration, but we are discussing this for some time, and now with Coronavirus hitting the world so hard, there will be consequences for sure
Our entire world depends on China, and if they don't handle this problem quickly, people will going to suffer not only financially but physically too

And predicts about BTC in this specific scenario with Coronavirus is even harder, people can adopt BTC to be more secure, but what about the others who will prefer to have fiat cash to buy essential stuff for living?

exstasie

legendary

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Quote from: angell134 on March 01, 2020, 11:23:05 AM

Totally wrong!
If these are not related then explain me how exactly the downtrend started in the same phase of time that Corona was started to get spread?

Markets often move together: https://www.wsj.com/articles/there-are-few-places-to-hide-when-markets-all-move-together-11566993602

It's not just correlated markets either, so it's not all about financial cause and effect. There are global psychological and even more esoteric factors at play. When major panic strikes (as in a financial crisis), it tends to hit everything at once. That's what we saw in 2008.

There are two very good reasons why BTCUSD corrected off the $10,000s:

Quote from: exstasie on February 26, 2020, 02:40:04 AM

Quote from: adaseb on February 26, 2020, 12:52:05 AM

Remember how crazy the funding rate and futures premiums were a week back or so. Obviously a correction had to happen.

Yup, and there's another obvious reason why the market corrected:

Corona virus induced panic in the stock markets may have provided an additional factor, but I wouldn't consider it the primary cause.

If the stock market keeps crashing at this rate, it will probably signify a major incoming global recession. That means job losses and outflows from high-risk investment assets. This would be a bearish factor for BTC.

The DOW and S&P 500 mini futures are about to open. I'm excited to see what they have to say about the market's expectations for next week.

pixie85

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Quote from: milewilda on March 01, 2020, 03:12:57 PM

Quote from: angell134 on March 01, 2020, 07:03:36 AM

These days most news about Covid-19 and crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week

I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.
I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.

The only correlation is between the virus and s&p500 which took a dive because there was a fear of Chinese market s shutting down. Most of the products we use in our houses are made in China so it's a problem for big companies with production in China. Almost all electronic appliances are made there.

Bitcoin reacted to that fear as well because it's a currency. If normal stores shut down those that offer their products for Bitcoins will too.

Harlot

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Quote from: angell134 on March 01, 2020, 12:37:31 PM

Quote from: Harlot on March 01, 2020, 12:05:03 PM

~snip~

I think this price correction has been overwhelming, don't you think so?
It's less than 71 days away from Christmas and Bitcoin price is under $ 10k

And don't you think that every time Bitcoin suddenly goes up like what it did early this year isn't overwhelming? Our market is always moving in the extremes as compared to other markets we have, that even if we are consolidating we are still moving around 4-5% daily. If you aren't used to this price movements then you aren't still suited to be in this market or at least be prepared for the nect price movements of Bitcoin. Just keep in mind what I said earlier, if you thought that this price movement was “overwhelming” because it has something to do with the Coronavirus then you are wrong as BTC was bound to correct everytime it suddenly goes up.

milewilda

legendary

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Quote from: angell134 on March 01, 2020, 07:03:36 AM

These days most news about Covid-19 and crypto market have nose-diving this week, most important question is crypto markets will recover or continue on a downward spiral next week

I cant really see on whats the correlation of this epidemic towards crypto market price specially with BTC.Towards my own view i dont really apply or imply these sentiments to my price analysis.
I would rather try to look on Technical analysis which is more worth to try on rather than relying on news which doesnt really give out relevant connection.Out of those TA's above
We are already on 8500 support and its either would hold up or there would be an another break down on this upcoming new week.

angell134

newbie

Activity: 14

Merit: 0

Quote from: schuriken on March 01, 2020, 02:16:02 PM

but bitcoin support as u said is already break and right now price is 8430 i think soon we going to see bitcoin in 8200 support
but i hope bitcoin price stay like this and dont get under this price,and i think soon we see price will start to move and go to top.
and after covid-19 news around world i thought bitcoin support chould be 9200 and 9100 but price is on 8000k channel now and covid still a big news all around the world so the effect of this virus on markets still remains .

i agree your opinion and the Plan B famous trader twisted about this
PlanB 's forecast is based on historical data that bitcoin prices are not moving beyond the 200-week moving average, so it can be concluded that bitcoin prices are likely to continue their downtrend and the new price floor will continue to decline. To register in 2020

schuriken

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Quote from: angell134 on March 01, 2020, 07:03:36 AM

Important support: $ 8500

but bitcoin support as u said is already break and right now price is 8430 i think soon we going to see bitcoin in 8200 support
but i hope bitcoin price stay like this and dont get under this price,and i think soon we see price will start to move and go to top.
and after covid-19 news around world i thought bitcoin support chould be 9200 and 9100 but price is on 8000k channel now and covid still a big news all around the world so the effect of this virus on markets still remains .

angell134

newbie

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Quote from: Harlot on March 01, 2020, 12:05:03 PM

The “market scare” only started the drops in prices but the reason of China's conditione worsening is there. Like what I have said in my previous posts related to the COVID-19 affecting stock prices it's relationship towards US companies are big in a way that US Companies that has factories in China are affecting their production which affects their revenue potential. Not only that as it also affects their revenue directly in a way that China is one of their biggest markets. Bitcoin right now doesn't show any signs that it was affected by the coronavirus as Bitcoin was due for a correction when it was overbought at the mid-week of February, the news connecting the outbreak and Bitcoin prices falling down are only misleading us.

I think this price correction has been overwhelming, don't you think so?
It's less than 71 days away from Christmas and Bitcoin price is under $ 10k

Harlot

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Quote from: The Sceptical Chymist on March 01, 2020, 09:42:20 AM

I can't figure out why this coronavirus scare is affecting the markets so much--people are saying that it's going to negate all corporate earnings for 2020 and crap like that, but I don't see how it's possible to have nearly that kind of an effect on the economy. Investors are obviously scared, though--that much is real.

As far as bitcoin goes, I'd point out that it's still around $8500 and that isn't bad at all. Yes, it took a little nosedive from its 2020 high but it's not like it crashed back down to $3k or anything like that. I'm hoping the general fear will subside and that the world of medicine will get the spread of the virus under control--and that the media stops feeding the fear, which they obviously love to do.

In the meantime, use hand sanitizer liberally.

The “market scare” only started the drops in prices but the reason of China's conditione worsening is there. Like what I have said in my previous posts related to the COVID-19 affecting stock prices it's relationship towards US companies are big in a way that US Companies that has factories in China are affecting their production which affects their revenue potential. Not only that as it also affects their revenue directly in a way that China is one of their biggest markets. Bitcoin right now doesn't show any signs that it was affected by the coronavirus as Bitcoin was due for a correction when it was overbought at the mid-week of February, the news connecting the outbreak and Bitcoin prices falling down are only misleading us.

angell134

newbie

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Quote from: Dart18 on March 01, 2020, 11:01:25 AM

IMO, it is not connected with any virus at all.
Even with that viral sickness that had been spreading.

Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.

Totally wrong!
If these are not related then explain me how exactly the downtrend started in the same phase of time that Corona was started to get spread?
Also the other reason is to paying attention to the start point of the virus. Had the same location of the bitcoin start point!
In the other hand, you just Imagine the greatest power in the world currently is the USA itself, now people are selling USD for BTC... so the US government won't just sit and watch the price of USD falling down.
Of curse these are all just theories but which one is true? this is the million dolor question!

Dart18

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IMO, it is not connected with any virus at all.
Even with that viral sickness that had been spreading.

Why does it have to be always about China?
Before, just because of their President talking about blockchain then people starting to speculate it is also the reason for bitcoin growth.
And now this? Why not look at how the financial industry is going. Stocks are down and other issues about finance. Maybe that is the nearest we could get to reason out all this events.

Topic: Does the Coronavirus (Covid-19) make BTC to rise? - page 3. (Read 576 times)