Many have thought that the crypto world will see a new all-time Bitcoin (BTC) high this year. As current data show, the chance of this is only 5 percent.
Bitcoin (BTC) all-time high chances dropped sharply
At the beginning of 2020, the mood around Bitcoin (BTC) was still very optimistic due to the halving in May. However, many Bitcoin investors and traders did not expect a corona virus to emerge that would bring the entire economy to a breakdown. In March, there was even a rapid crash of Bitcoin, which has shown that the crypto market is not left unaffected.
In addition, a second phase of expansion appears to have occurred, in cases confirmed worldwide with the majority of new infections in Brazil and the USA, where the 10 million mark was reached. In some states like Texas, the reopening plans have been stopped again.
Recent developments in the spread of COVID have caused US stock markets to experience significant losses again on June 26th. As a result, Bitcoin is also bleeding, which is currently constantly trying to keep the $ 9,000 mark. The correlation between Bitcoin (BTC) and the S & P500 is still very noticeable.
For this reason, the likelihood that Bitcoin will reach a new all-time high in 2020 has drastically decreased. Data from Skew.com show that the chances of a performance like 2017 are very low and are only 5 percent.
The 5 percent chance of a new all-time Bitcoin high reflects what Tone Vays said earlier this week when he said BTC will remain below $ 10,000 by 2021.
“As I have been saying for months, I have no reason to detach myself from my forecast earlier this year that Bitcoin will get stuck between $ 6,000 and $ 10,000 for most of this year.”
As long as the correlation with the traditional markets is still there, the Bitcoin price will probably still be very shaky. Bitcoin traders hope that the US stock markets will find solid ground again so that the Bitcoin price can rise again.
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