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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

The Real Reasons Why Bitcoin Price Has Plunged 25% in Two Weeks

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
4 mins read
bitcoin price drop crypto

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Bitcoin price has fallen to $7,700 after trading above $10,000 just two weeks prior. But why exactly as Bitcoin plunged as much as 25% in a little more than two week’s time?

Here are a number of factors influencing the latest cryptocurrency market bloodbath.

Five Reasons For Latest 25% Bitcoin Price Drop

Bitcoin price hit $6,400 back in mid-December 2019 and then took off like a rocket on powerful, over 50% rally.

The cryptocurrency had made it to above the key psychological “FOMO trigger” level of $10,000 before this latest collapse back down by 25% to $7,700. But why such a fall?

Coronavirus Concerns Causing Widespread Panic Over Pandemic

In just over two months, the novel coronavirus has infected over 100,000 people and the death toll has risen to nearly 4,000.

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? 

The rapid spread of the virus has led to extreme panic across the globe. People are scared for their lives, their finances, and their future.

With so much panic in the air, it’s not surprising to see trigger happy crypto investors selling everything they own in response to the black swan event.

On-Risk Asset Performing As Expected During Economic Crisis

It’s not just hitting crypto investors. The stock market is experiencing the largest selloff since the last recession.

According to financial analysts, the stock market bubble is bursting, and the pin that pricked the bubble is the coronavirus.

With all other markets in total collapse, Bitcoin price and the valuations of the rest of the cryptocurrency market have been a bloodbath since shortly after the stock market selloff began.

I've never bought into the idea that Bitcoin would prove to be a good, un-correlated asset in a downturn.

But you really can't expect it to behave in an uncorrelated fashion once "institutional money" owns it, since at that point it's just another thing to sell to raise cash.

— Joe Weisenthal (@TheStalwart) March 9, 2020

With more risk-averse stocks tumbling, investors are staying far away from the speculative asset class of cryptocurrencies.

Tax Changes Causing Investor Confusion

It’s peak tax season at this point and cryptocurrency investors in the United States – the largest potion of crypto investors – are now realizing they must report their holdings and transactions to the IRS or potentially face a penalty.

The tax form American citizens must submit to the government now includes a question on if that taxpayer held or traded cryptocurrencies like Bitcoin and Ethereum during the tax year.

It’s interesting that a single question on a tax form has changed things so much. In the past, many crypto investors have failed to report earnings or losses.

But moving forward, answering the question falsely could lead to jail time.

With so many realizing they may need to amend past tax returns and get their earnings up to speed for reporting, it wouldn’t be unusual to see a tax season-related spike in selling.

The fact Bitcoin price ran from $3,000 to $14,000 last year likely means many investors have profits to report. Profits they’ll now have to pay a portion of taxes on.

Bitcoin Skepticism Soaring Ahead of Halving

Bitcoin skepticism is higher than ever, leading into the asset’s halving.

While many believe the asset will take off like a rocket ship due to the supply and demand balance being offset, others envision the end of the cryptocurrency.

Industry analysts are publicly asking why exactly Bitcoin needs to exist and what purpose – aside from speculation – does it truly serve?

Even today, I think it's far more likely that Bitcoin will collapse, than rally to a new all time high. Nobody uses it. Its heavily centralized to China. It consumes enormous amounts of energy, and it has zero properties of a "safe haven" investment. Did I mention nobody uses it?

— MAGIC (@MagicPoopCannon) March 7, 2020

While this is clearly opinion-based, even the CEO of Coinbase is skeptical of the cryptocurrency’s future.

Completely Normal Retest of Bitcoin Price Technical Support

Oftentimes, crypto investors are seeking a reason for a drop, or news to tie together with a certain selloff.

But sometimes, the technical structure of the market is simply calling for a retest of certain trend lines.

Bitcoin price is resting on a seven-year trend line currently and is touching the bottom of the logarithmic curve.

These supports have acted as such for much of the asset’s existence and is simply being retested once again during fearful times, to confirm that the asset is safe, sound, secure, and ready to rise once again.

If the support holds yet again, Bitcoin could take off from here. If the support fails, then there will be yet another reason for Bitcoin’s collapse to add to the list.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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