The first quarter of 2020 has not been beneficial for the crypto market. After the initial fall, the Bitcoin price was rolled down further along with the major stock markets after the panic caused by the COVID-19 outbreak. However, Bitcoin has not yet touched its bottom so far. As per the result of a recently conducted survey, BTC may fall below $37,00.
According to the respondent of this survey conducted by Credible Crypto on the social media platform Twitter, the crash of the global financial market will contribute to pushing the price of BTC to $3.7K mark. This poll has received around 2,200 responses. Out of the total, 33% of respondents have believed that Bitcoin price will plunge further and cross $3,000 support. While 36.4% of participants of this survey estimated the bottom of BTC would be between $3,700 and $3,100.
Rest 30.9% of participants showed some positivity about the current trend of BTC and concluded that Bitcoin price has already touched its bottom for this year, and it should not fall further. It is important to note that after touching a high of $7.5K, the Bitcoin price was crashed and fall to its bottom of $3,800, which was the lowest for this year. The Bitcoin price bounced back quickly after touching the bottom and gained around 70% since the lowest price.
The Cryptomarket is known for its extreme volatility in its price; however this crash in the price of bitcoin is not attributed to certain regulations or news, but the bitcoin and other major cryptocurrencies were caught in the decline global market and a global panic triggered after the World Health Organization declared the COVID-19 as a pandemic. The bitcoin price rolled along with the global equity market. Considering the current situation and price indicators, the market is expected the follow the bearish trend, and the BTC price is expected to fall further.