Yesterday, the financial markets were in full session in check. The main European stock markets sank more than 10%, and the main Wall Street index, the Dow Jones, fell by 9.99%, closing at 21,200 points. The cryptocurrency market was not far behind, with BTC dipping 40%, simply beastly. Next I will tell you my Bitcoin prediction for this Friday the 13th.
What is happening in the financial markets?
From Monday’s session until Thursday everything seems to be apocalyptic, the main culprit being the Coronavirus, which up to the moment of writing has claimed more than 4,700 deaths.
The world’s main exchanges, oil, gold and even cryptocurrencies have lost strong market capitalization. And, some predict that this is just the beginning. I hope they are wrong.
Personally, I think that the market is reacting accordingly to the Coronavirus pandemic, which has paralyzed world powers, such as China, the United States, and Italy, among other countries.
The massive closure of events, shopping malls and even Disney parks, which have rarely closed in their history, is an indicator of the strong economic contraction that will cross the world throughout 2020, without exception.
However, Is everything lost and do you have to resign yourself? Of course not, in times of panic the best investment opportunities appear for those who are patient.
As the popular saying in financial markets says: Buy when everyone sells, and sell when everyone buys.
First of all, what I will write below should be taken for informational purposes only, not as investment advice.
Making a Bitcoin prediction right now is more difficult than scaling Mount Everest in a snowstorm, but I’ll try.
Yesterday, Bitcoin started at around $ 7,900, then touched an annual low of $ 4,100, rebounding to the time of writing to $ 5,150, as can be seen in the image below.
Taking into account at the moment some data from traditional markets (Asian Stock Exchanges, Wall Street Futures, Gold and Oil Prices), I believe that Bitcoin can avoid a catastrophic Friday the 13th, and even succeed. Although all the indicators are in negative terrain, they show a certain level of bearish exhaustion, leading to a possible rebound in the American session.
Bitcoin’s key support for today’s session placed it at the minimum reached of USD 4,100 (in case of losing this level, the next reliable support is USD 3,200, a value that served as a brake in the crypto winter).
My Bitcoin prediction for this Friday the 13th is that it can easily exceed $ 6,000, supported by opportunity purchases due to its “offer” level.
How far do you think Bitcoin will go today? Let us know in the comment box.