With the S&P 500 and global markets looking like they want to start the next recession for the next 2 years, Things as we know it will be challenged and changed.
As you can see from the above s&p 500 charts, this is only the third time in 20 years that the green trendline has been broken, Each time break of these trendlines resulted in long trendlines, And with the threat of corona virus looming on the world economy - No matter how much money the fed prints - If people aint workin - The economy aint gonna grow.
Money doesn't build the economy - People and the work they do builds economies. And with many countries in complete lockdown for a month - It seems we are nearing the next recession.
The coming recession will test bitcoin to the maximum - How will it perform? I feel btc will go down along with s&p 500 because the co-rrelation between the two has been strong for the last couple of years.
Technically speaking if btc manages to hold above 8k we can become optimistic, And holding above 10,000 just one more time would be a huge sign that btc has broken free from the other markets.
Stay safe everyone! Corona threat is real and is growing exponentially!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.