Was that the Bitcoin Bottom?

I have seen a lot of crazy trading through the years, March 12th 202, will go down as one of the most memorable days.   It started out as a typical Coronavirus trading day with global assets in crash mode.

Bitcoin started the day trading at $8,000 suffering the past four weeks with the COVID19 ills.   Down from its February high of $10,550 after starting 2020 with at a price of  $7,150.   The Bitcoin market would suffer 2 severe downward price dumps today. The first drop occurring at 6:30 am, going from $7,205 to $6,184 is less than 10 minutes.  The second drop, at 6:30 pm, going from $5,925 to just under $4,000 at 10:15 pm.    Ouch  Bitcoin had lost half of its starting value in less than 24 hours.

Then something wonderful happened, a pleased Peter Schiff  tweeted:

As all Crypto Twitter followers know, there is no better indicator for predicting Bitcoin upwards spikes than a Peter Schiff trash tweet about Bitcoin.  We hope someday Peter will be a Bitcoin believer, maybe that would be a sell signal?   I do like a lot of what Peter does tweet, except when it comes to Bitcoin.   Anyway, it was time to buy.

Like clockwork Bitcoin started to go up.   I do have to mention the Crypto exchanges were under heavy stress at this point.  Bitmex was going up and down.    

While all this turmoil was occurring, my son and I noticed an $800 price difference in the Bitcoin price between Coinbase and KuCoin.  With Coinbase having the correct and I think accurate price.  The terminal screenshot below shows the Bitcoin price of $4,624 on the KuCoin exchange while Coinbase, via TradingView, has a price of 5,394.   It was like this for one or two minutes.

Since the KuCoin price is hard to see, below is the zoomed-in image

In the next 15 minutes, the Bitcoin price rises from $3,978 to $5,743.   An increase of 44% in 20 minutes. A daily decrease of 28%.   This is the high volatility nature of Bitcoin.   

One of the 9 key points I made in my article on March 1 - "Are Markets going to Crash?" was that "On a percentage basis, the cryptocurrency market is likely to fall the most and to rebound the most."   I did not realize the price durations would be so short though.  I'm glad I was prepared.

https://quantifycrypto.net/news/are-markets-going-to-crash-

Was the $3,978 price the bottom?   I hope so, we need to get a medical advancement shortly for the Coronavirus as my heart cannot take too much of this. 

The platform https://quantifycrypto.net/ provides live cryptocurrency prices, technical analysis, news, heatmaps and more.   We are a new site, please check us out and let us know what you like and do not like about the site.

None of this is meant to be financial advice and I do not have any financial expertise.   Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.

Full discloser: I do own Bitcoin and have some stock positions.