Bitcoin’s price hasn’t reached its bottom yet, according to respondents of a recently conducted poll who believes BTC will drop below the $3,700 mark.
The pool, conducted by Credible Crypto on the microblogging platform Twitter, received over 2,200 responses. Nearly 33% of respondents revealed they believe BTC will below the $3,000 level, while 36.4% believed the bottom will be between $3,700 and $3,100.
The Bitcoin bottom is:— Credible Crypto (@CredibleCrypto) March 22, 2020
The remaining 30.9% of respondents revealed they believe the bottom has already been reached for the year. CryptoCompare data shows that this month the flagship cryptocurrency dropped from $7,300 on March 11 to a $3,870 low on March 13 before starting to recover. Its price has since increased by over 70%, as one BTC is trading at $6,640 at press time.
Behind the flagship cryptocurrency’s abrupt drop are believed to have been several factors. The sell-off came shortly after the World Health Organization decided to declare COVID-10 a pandemic, and was accompanied by all three major U.S. equity indexes entering bear market territory for the first time in more than a decade.
While bitcoin has recovered from its low this year, U.S. equity indexes ate still dropping. The Dow Jones Industrial Average, according to MarketWatch, has dropped 24.5% so far this month, and is on track to having its works month since 1931 if it keeps going. While on some days it has recovered, the COVID-19 pandemic has so far shown no signs of slowing down, and its effects are starting to hurt businesses.
As CryptoGlobe reported, the Crypto Fear & Greed Index has been flashing ‘extreme fear’ since the market crash of March 12. The index serves as an aggregate for investor confidence and attitude towards the market, and uses sources including social media to reflect investor sentiment.