Bitcoin is on the rise of a comeback that will satisfy thousands of people
Bitcoin has taken a hit this past week seeing a downtrend close to 30% in losses. In the past, Bitcoin never mimicked the market, however, we are seeing close similarities due to people liquidating their coins to recover from market losses. There have been major geopolitical conflicts and risks affecting the market as well, such as the the dispute over oil prices between Saudi Arabia and Russia. The unexpected decline in the price of oil further imposed additional pressure on global markets, adding to the uncertainty, fear, and instability felt by investors.
Bitcoin has seen highs and lows in the past, and is no new comer to making history. I see Bitcoin as a great long term buy as it seems that it will recover as the market does. Does this mean empty your bank account on Bitcoin now? Absolutely not. The market will continue to see losses due to coronavirus scares and may take a few more punches in the upcoming months.
March 14, 2020