RATE Group | Bitcoin Under $9K, Analyst Gives Three Reasons For Bear Market
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Bitcoin Under $9K, Analyst Gives Three Reasons For Bear Market

08 Mar Bitcoin Under $9K, Analyst Gives Three Reasons For Bear Market

Posted at 05:37h in Bitcoin News by

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Bitcoin is bearish. It has been for a number of weeks. The reason for the bearish market remains to be identified. It has been clear that it has something to do with the Coronavirus epidemic. A number of analysts, however, continue to explain what they think has been the reason.

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One prominent analyst has gone one step ahead and pointed out three possible triggers for this bearish scenario the market faces.

Coronavirus Only One Of Possible Bear Triggers

Jacob Canfield, a prominent analyst has pointed out three possible reasons why Bitcoin is currently bearish. Most analysts have pointed out that the bear market has been a result of a market sell-off following the outbreak of the Coronavirus epidemic.

The same fate has been shared by the stock market. The same narrative has seen a huge debate over whether Bitcoin is a safe haven asset or risk asset break in the crypto community.

For Canfield, this is just one of the possible reasons.

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