Impact COVID19 on Bitcoin

After the drop caused by the panic of the stock markets in general, with the coronavirus as the protagonist, the BITCOIN is in a stabilization phase.
After a drop from highs in 10,400 to close to 4,000 . Very fast in which there has been slight resistance in the 8300 representing a fall of 1 integer in the Fibonacci series (20% drop from highs). It would go straight to 44% drop (2.61) from highs (5800) where it would have quite a bit of resistance. This value has been key since it is the support point of the current trend.
This point contains a lot of resistance and when it was lost it was recovered in just 5 days, which shows a lot of value. The marked lows of 3800 more or less coincide with the minimum drop after the BITCOIN bubble in 2018. This value is going to be fundamental in the coming times . A loss of this value would possibly mean very bad news for the cryptocurrency sector which can serve as STOP LOST KEY (3800) .

So right now the price is lateral between 5800 and 7200. It has touched 7200 and has not been able to overcome it, so it had to go down to find support (6300 or 5800) . Even so, the volatility of bitcoin and stock markets in general are much lower. With this the Bitcoin possibly in the next few weeks will try to find new ground in the 5800 (0.61 fibo rise min) although I do not think it will touch them. Possibly it stays in the 6200 (0.78 of fibo of ascent). In 8300 corresponding to 1 of fibo we will have to wait and study the scenario of how the world stock markets are at that time.

Future trend

If the SP500 returns to 3000, after the summer it would be a clear to keep since the price of Bitcoin is possibly gradually increasing until it recovers 10,000. In case it is not stable, it would continue lateral with maximums of 8300.

Given what has been seen, the price of BTC cannot be predicted with more than 6 months because there are too many factors. If we think of cryptocurrencies as a safe haven it would not be the best scenario since there have been great divergences with gold. It is more a new speculative field and not a refuge value. After the end of the crisis, gold will probably look for almost historical lows, once the US elections have passed in November. If the new economic cycle begins, the gold that is not known if it was seeking highs around 2000 could drop to 1000 in around 1 year. That will not be the way for anything that Bitcoin will take, which I think will continue to increase in value, looking for channels higher and higher.