Earlier this week, the US Fed Reserve announced its decision to print $6 trillion to bail out businesses and provide Americans with monthly cheques for $1,200 to support them throughout the coronavirus pandemic spread. After the announcement, many support Bitcoin and people who hate Bitcoin has begun to point out that this is going to be terrible for the economy in the long run. But, it’s worth buying a Bitcoin price right now without having to wait for it to drop to $ 3,000.
The $6 trillion from the Fed will not have purchasing power
In a recent podcast of Anthony Pompliano, ‘Off The Chain,’ the Bitcoin opponent Peter Schiff stated that the newly printed USD would have no purchasing power. This printing of cash, he pointed out, will be much bigger than the one during the crisis of 2008, and the consequences in the future are going to be harder.
On a relative basis, the S&P 500’s drop of 9.5% Thursday was equivalent to 51% drop in BTC price.
BTC dropped ~ 50% the same day.
S&P has gone down 9.5%, up 9%+, and back down 11%+ in last 3 days.
On a relative basis, the S&P has been more volatile than Bitcoin last few days.
— Pomp ? (@APompliano) March 17, 2020
Earlier, in his tweets, Schiff wrote that among other causes of the current recession, the Fed cash prints of 2008 had provoked the current financial crisis, which, as per Schiff, has not even begun yet.
At press time, Bitcoin is trading at the $6,249 level. Trader ‘Bitcoin Macro’ expects BTC to start heading below $6,000 soon.
Are you plebs ready for $BTC to hit sub $6k?
— Bitcoin Macro (@BTC_Macro) March 28, 2020
Large Bitcoin transactions have been noticed between anonymous wallets and major exchanges
Over the past twenty-four hours, Whale Alert has detected about a dozen transactions totaling nearly 16,000 BTC. This amount amounts to $ 99,702,423.
These transactions are conducted with the participation of major exchanges such as Binance, Poloniex, Bitfinex, OKEx, and Coinbase.
? 2,000 #BTC (13,222,329 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) March 27, 2020
745 #BTC (4,956,625 USD) transferred from #Gemini to #OKEx
— Whale Alert (@whale_alert) March 27, 2020
? 2,000 #BTC (13,303,516 USD) transferred from #Gemini to #Binance
— Whale Alert (@whale_alert) March 27, 2020
? 2,000 #BTC (13,199,525 USD) transferred from #Bitfinex to unknown wallet
— Whale Alert (@whale_alert) March 27, 2020
? ? 3,537 #BTC (23,499,629 USD) transferred from #Poloniex to unknown wallet
— Whale Alert (@whale_alert) March 27, 2020
1,083 #BTC (7,126,836 USD) transferred from unknown wallet to #Binance
— Whale Alert (@whale_alert) March 27, 2020
When on March 12, the Bitcoin price faced a severe decline, losing about 50% of its value and then recovering a bit, traders began to tweet that the accumulation period, when BTC would deliver. Translation in a range would be much better than the price of an instant surge.
The transactions, as mentioned above, maybe a sign that investors are actively accumulating BTC, although some may also be selling their funds.
As Bitcoin is currently trading in the $ 6,200 zone, having come down from the previous $ 6,700 area, some famous Twitter traders are sarcastic about the current BTC price, saying that it can hold on to here for a very long time.
#Bitcoin is making it very hard to be a perma bull.
— Mayne (@Tradermayne) March 28, 2020
it’s year 2120 $btc still trading inside 6400-7000 range pic.twitter.com/mW1YXnumYG
— CRYPTO₿IRB (@crypto_birb) March 27, 2020
Traders are discussing the further route Bitcoin price may take
‘Crypto Michael’ expects Bitcoin to drop after a recent failure to regain $ 6,900. The analyst has targeted $ 5,800 as the main support level. However, he said that Bitcoin could first retest $ 6,400. A more massive decline will cause BTC to drop to $ 5,250.
Brokedown after a distribution pattern and clear rejection of the $6,900 area.
On the first support around $6,000-6,100 here.
Might be testing $6,400 before continuing to drop, primary level for support is $5,800 and more heavily the $5,250 area. pic.twitter.com/C4EG28Ivdw
— Crypto Michaël (@CryptoMichNL) March 28, 2020
Trader ‘George’ believes that Bitcoin is about to start falling to $ 5,600 on the chart. Taking back $ 6,600 will be a sign of price increases, according to him.
Only compounding my short if we get some kind of sweep of the high. Next stop is 5.6k imo. I’d flip bullish if we manage to reclaim 6.6k.
Let’s see. pic.twitter.com/QoTsUvYWpW
— George (@George1Trader) March 28, 2020
Trader and ElevateUX founder, ‘Posty,’ also share the same opinion.
Agree with that 6.6k level. Aiming for range lows ?https://t.co/BZlCjXjyWS
— p o s t y (@PostyXBT) March 28, 2020
Trader ‘C2M’ also shared a price narration.
If $BTC is bearish you won’t get your optimal entry. Hoping for a pullback towards the origin of the move to short is a fairy tail IMO. We ether consolidate here and break lower or it’s going for new highs.
— C2M (@C2M_Killmex) March 28, 2020
Now it is a good time for buying Bitcoin cause price is good
Despite the outbreak of the coronavirus epidemic and the recent collapse of Bitcoin, BTC has outperformed the S&P 500 since the beginning of 2020. Some Bitcoin critics like Peter Schiff continue to call Bitcoin a bubble, which just might hold a little longer.
Meanwhile, in its recent video, trader MMCrypto explains why it’s worth buying Bitcoin right now without having to wait for it to drop to $ 3,000.
Is TODAY a good day to buy #Bitcoin?
YES, here is why…
— MMCrypto (@MMcrypto) March 28, 2020
Trader MMCrypto says that now it is a good time for buying Bitcoin because, since the all-time high of 2017, when the price hit $ 20,000, the fundamentals of BTC have only improved, i.e., the hashrate went up significantly, the number of miners and developers increased. Besides, the traditional financial system has become more flawed.
Read more:
- CME Group Board Of Directors: CME Should Start Mining Bitcoin And Other Cryptocurrencies
- Major Altcoins Seen Their Twitter Presence Reduced In Wake Of Market Crash, Meanwhile Bitcoin Sees Twitter Resurgence