BTC Bottom, Banks in the riskzone of Corona like old people. The world economy is in an extreme situation.
Factories all around the world are on survival mode or completely shut down.
Central banks are printing money in a brutal level then ever before.
They are actually saying that "this unique situation with Virus is not our fault"
Well.. thats something you can tell to the average guy that dosen't now shit. As you make your bed, so you must lie.
These are the consequences of using minus interest and QE, not the Virus.
Bitcoin is facing a big survival fight.
Both Miners and Investors are in a situation where they need to really have faith in Bitcoin.
Let's say this is a war between old monetary system and a new decentralized system.
Gold is physical and cant be vanished. BTC is depended on internet and electricity. Thats risk to have in mind.
But still, we are moving towards new era of technology and Bitcoin will survive this, question is where the new bottom will be found.
If we look in two Fibonacci and take away the extremes (highs and lows) we can see bottom at level 0.786
Now we have a situation where Coronavirus is shutting down the world. So if world economy take big hits, it is the new generation that will choose what to keep alive.
Trendline from 2013 is indicating a new low at 2k but Fib 0.786 is at 2.4k. Either way, we have new lows to see in this uniqe situation.
