The world's leading cryptocurrency is back below $6,000. Overnight, the price of bitcoin fell to $5,686 and is currently trading around $6,400, up 6.8% in the past 24 hours.

This ongoing volatility according to Mike Novogratz will continue “over the next few months.” However, the CEO of Galaxy Digital says,

$btc will continue to be volatile over the next few months but the macro backdrop is WHY it was created. This will be and needs to be BTC’s year.

— Michael Novogratz (@novogratz) March 22, 2020

Source: Coin360

Interestingly, in yet another red turned green start of the week, the hash rate of the network increased significantly, 18.2% going above 92 Th/s in the last 24 hours which is not good for miners as the struggling price could again fall into $3,000s.

According to Trader XO, in the short term, the 200-day moving average is the level to watch as he explained,

$BTC Few charts flying around pointing straight to 9k

Here is one scenario I'm looking at – Targeting 6k, then 5.5 and possible we retest 4's

The key for me is if price can hold at the weekly 200MA if we were to retest the level. pic.twitter.com/DOVlaboT0j

— TraderXO (@TraderX0X0) March 20, 2020

They'll Flock to Bitcoin

Amidst the falling prices, the market remains in fear. Although the Crypto Fear and Greed Index has seen a slight uptick from a reading of 8 last week to 10 this week, the sentiments are of extreme fear.

It's amusing to see people trying to buy #bitcoin at a lower price.

It won't make sense if you buy #BTC at $4,000 or $6,000 now provided that you'll sell it in 2 years for 15 times what it's worth.

Where's your confidence gone? Don't miss the chance.

— Mia Tam (@blockandchain) March 22, 2020

However, bitcoin enthusiasts and commentators continue to point out how bitcoin was created just for the financial instability in 2008.

Bitcoin's robust simplicity is a beacon in a hurricane of monetary mayhem ($T airdrops, bank, blue chip & muni bailouts, ZIRP, QE∞, …).

Hard to imagine a better stage for Satoshi's press release about tightening bitcoin's new supply by another full 50%. (Halving = May 13)

— Tuur Demeester (@TuurDemeester) March 22, 2020

It led veteran trader Peter Brandt who has been feeling bearish about the market and last week declared that the digital asset could go to sub-$1,000 and even bets on it going to zero ask Adamant Capital’s Tuur Demeester, if Bitcoin price “struggling to go higher despite apparent bullish global macro backdrop?” is a point of concern for him. Demeester explained,

I'm not worried, no. This is still mainly a liquidity crisis and bitcoin is indeed extremely saleable. Once people become more concerned about the value of their money (and abt the capital controls that accompany devaluations), imo they'll flock to BTC.

— Tuur Demeester (@TuurDemeester) March 22, 2020

It'd give me pause, for sure. But I did do this exercise back in 2017, and others like it, and unless I see the fundamentals change I won't change my bullish stance on BTC. https://t.co/DfmNOQ9nd7

— Tuur Demeester (@TuurDemeester) March 23, 2020