I wonder why the coronavirus hysteria is so big.
After all,this is a virus with a 2-3% death ratio and only the really old and weak people die.The rest can be cured successfully.
The mainstream media and the social media platforms cause all the hysteria with all the "breaking news" and clickbait BS.
I don't think the hysteria is the only reason behind the Bitcoin price correction.The crypto whales just cashed out big profits at 10K USD price,and they are preparing to buy some cheap bitcoins right before the halving hits and the price goes up.
I share the same opinion with you. I have not even seen any concrete reason that shows that it was the coronavirus ish that made the price of bitcoin fell short from 10k. I see it as what we used to witness every day in the crypto world. The problem is that when the price went up to 10k people think we are already in a bull run and that the price will continue to go up but they have not justified reasons why the price rise from 6k to 10k. This is normal and we have witnessed this many time in the past
As we can all notice, the market is now recovering, and we are all hoping that the bull run will happen soon. But on the coronavirus case, I can say that it has nothing to do with the price of every crypto. As of now, we should wait what's an important thing that will be occurring this year and might have a big impact on the market which is the halving of bitcoin. The past halving turns into a good result because when that really happens, the market really pumps up, but as of now we cannot predict what's gonna happen but we are all wishing that it comes with the same result.
Yes, Bitcoin can always surprise us both in positive or negative way but after 8 years dealing with Bitcoin I can't be so easily surprised anymore.
So, the recent correction wasn't a surprise for me, it was kind of expected but on the other hand I don't think that will last for long and that price will go down further.
Price will recover, that is for sure, however I don't expect some huge price jump.
No one can really predict it since cryptocurrrency's nature is its volatility, the passive changes in terms of value is there. We can only do some speculation but that might help if you guys have some statistics or proof. But still, it is really hard to prove it.