Bitcoin rate must remain above $ 8,800
The first analysis we want to quote is called Mohit Sorout. Sorout works for the crypto fund Bitazu Capital. In his opinion, the $ 8,800 level represents significant support that should not be broken down. If BTC breaks through this level, he does not see an all-time high for 2020.
Sorout receives support from Blockroots co-founder Josh Rager. In contrast to Sorout, he identified the level of $ 8,500 – $ 8,600 as a necessary lower support. You can see the relevant chart analysis in the following tweet:
What is certain is that the two Bitcoin price levels indicated represent an important lower support. In addition, breaking down would initially cause another bearish move. It is therefore all the more important for the Bitcoin course to defend this level downwards. The big question here is, of course, whether BTC will do it.
Correlation with the stock market continues
At this point we can definitely not give an answer. There are countless parameters that determine the Bitcoin price and therefore a “yes” or “no” answer would be grossly negligent. In my opinion, dependency on the stock market is currently one of the biggest hurdles.
The justified concern about a second wave of corona and violent after-effects (loan defaults, bankruptcies of SMEs and thus the loss of jobs) could still lie ahead. If such a scenario happened, it would hardly be possible for Bitcoin to maintain the current level. On the other hand, an upswing in the global economy and the absence of a second wave could again generate positive momentum.