Yesterday, Morgan Stanley released a new report warning clients about Bitcoin and other cryptocurrencies. In the report, it compared Bitcoin to the dot-com bubble that happened almost two decades ago. How is Bitcoin now trading? Gain insight on the 20 March Bitcoin Price Fundamental Analysis.
20 March, OctaFX – Morgan Stanley looked at the price trends of Bitcoin and that of NASDAQ and realized a common trend. At their most exuberant periods ahead of bear markets, the two rallied between 250% and 280%. Indeed, Bitcoin’s moves are similar to the tech boom and bust but are happening much faster – at 15 times the speed.
The current bear movement is not new in cryptocurrencies. Since 2009, Bitcoin has had four bear movements with price drops of between 28% and 92%. At the current price, Bitcoin has dropped by about 70% from its peak of near $20,000. In each bearish wave, Bitcoin tends to lose 45% to 50% of the value. At this time in 2000, the NASDAQ had five bear moves with each one averaging 44%.
20 March Bitcoin Price Fundamental Analysis
Bitcoin is now trading at $8,380, higher than its weekly low of $7,600. The price could trade in a narrow range as traders digest the latest news that Twitter (along with Facebook and Google) will also ban crypto-related ads.
This article about 20 March Bitcoin Price Fundamental Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.