Bitcoin May Remain Stagnant For Months, Stock Market Correlation Shows

alex king lbwjS4QdpNU unsplash 630x420 1

Following the ruthless volatility experienced throughout the first quarter of the year in the stock market and Bitcoin, the recent price action has been boring by comparison. However, according to past the price action during previous recessions and a tight correlation with the stock market, Bitcoin price could remain stagnant and trade at these levels for many months to come. Bitcoin Price Action Gets Boring After Record-Breaking Volatility Last Month At the start of the year, Bitcoin price exploded from lows around $6,800 to above $10,000 in just two months time. The leading cryptocurrency by market cap failed to hold the key level, delivering a fatal blow to bulls who had been buying up the asset in anticipation of the upcoming halving just three weeks from now. The event had long been expected to be bullish, but a fall to below $4,000 and a retest of Bitcoin’s bear market bottom…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE