Surprisingly, Bitcoin forks including Litecoin, Bitcoin Cash, Bitcoin Gold continued their bullish trading. Bitcoin presently trades at $56,874.
On March 12th, 2020, Bitcoin and the rest of the crypto market plunged severely in a black swan event. Bitcoin shed almost 50% of its market value, hitting bottom lows of $3,800.
This question however remains in the minds of traders- will Bitcoin crash again? If the scenario of the March 2020 carnage repeats itself, this may imply Bitcoin crashing to around $29k, if taken from highs of $58k.
Blockchain data might give traders solace that prices aren’t likely to revisit this level anytime soon. It may also be important to note that for now, Bitcoin remains bullish indicating no signs of an impending selloff.
Bitcoin Outflows From Coinbase Pro. Courtesy: CryptoQuant
Image Credit: CryptoQuant, Shutterstock
