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Three Key Reasons Why Bitcoin Could Plunge Below $5,000 in April



Bitcoin prices plunged sharply over the first three months of the year as concerns about the global coronavirus pandemic and its impact on the economy grew.The benchmark cryptocurrency closed the year’s first quarter at a 10.53 percent loss, trading at circa $6,424 on Coinbase as the marked headed into April session. At its lowest, bitcoin was changing hands for a mere $3,858 per token. But its sharp rebound from there led prices up by as much as $6,090.bitcoin, cryptocurrency, btcusd, coronavirusBTCUSD in a giant downtrend cycle | Source: Yahoo FinanceThe cryptocurrency’s rebound was among the most attractive ones, beating even Gold that fell but maintained its first-quarter gains. The assets recovered happened as central banks across the globe launched aggressive stimulus programs to safeguard their economies from the impact of coronavirus.Even stocks retreated after registering their worst performance since the 2008 financial crisis.Expansionary policies led many top analysts to predict an extended upside rally in the bitcoin markets. Robert Breedlove, the founder & CEO of Parallax Digital, said the cryptocurrency would rise higher owing to central banks’ expansionary policies.“When central banks cut interest rates, they are engaging in money supply expansion and stealing wealth from everyone holding their freshly depreciated currencies. Bitcoin fixes central bank thievery.”

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