After the rout last week, most asset classes have started the week with a rebound. The total crypto market capitalization has bounced from the recent lows of about $240.7 billion to $251 billion at press time. The strength of the rebound will confirm whether a bottom is in place or if this is a dead cat bounce after which the down move will resume.
With the recent fall in Bitcoin, the price action has been exactly following the popular stock-to-flow Bitcoin price forecasting model designed by PlanB. He expects the price to average about $8,650 until Bitcoin’s halving in May. It would be interesting to see how Bitcoin behaves if the coronavirus scare persists.
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