Bitcoin at the time of writing this article is currently at $56,670.00 and fighting it's way back up after this very rough last couple of days. A lot speculation that is floating around would leave most people extremely confused. You have a handful of influencers that were saying oh, #BTC is extremely bullish just 3 days ago and now they are coming out and saying sorry guys, looks like I was wrong... #Bitcoin is extremely bearish.
But, what actually happened to influence this latest drop? Is this the end of the Bull Cycle? Should you get out of #Crypto right now? Will this be the end of Crypto? All those questions amount to is playing off of your worse fears in order to influence market actions which play major factors into the prices of #Crypto.
If you are buying at the tops and selling at the bottoms only to buy back into it at the next hype than yes, you should probably leave #crypto alone. However if you buy low and sell high, rinse and repeat over and over again, I would say keep on going. I have not ever lost money on long term investments into Bitcoin. I dropped money into Bitcoin right before the last major drop. I held that Bitcoin all the way up until now.
I am still in profit on that Bitcoin held than. All and all, if you buy with the mindset that you are still going to have that Bitcoin in 5 years from now, you can't lose, in fact, you won't lose!
What is believed to have influenced the latest drop?
That all depends on whom you listen to, but each one did play a significant role in the overall drop that liquidated roughly around $1.2 Billion USD worth of contracts and stuffed a certain groups pockets with millions of dollars.
We had an alert go out that over 18K Bitcoin had been transferred to the Exchange Gemini, later the report was claimed to be inaccurate that it was nothing more than 18K Bitcoin being moved internally amongst exchange wallets. This has lead to massive fear that a major whale is about to dump on the market with conspiracy theories that arise from this sort of thing leading a massive amount of people to believe this was a HOAX from the start to lead to a mass selling, which has happened.
Some believe that whale did transfer 18K Bitcoin to the exchange and they are waiting to dump Bitcoin. That could be true, but where is the proof?
Theory #2
You Tube Influencer Bit Boy Crypto who doesn't use Read.cash maybe we should bug him on you tube and on his twitter account until he launches a blog here on read.cash kind of like he does to other influencers to come onto his show. It would be good publicity for the community here and good publicity for BCH as well.
Anyways Bit Boy had warned of a drop that would occur due to the CME gap that would surely go down and fill in the gap before it would continue to the upside. Yes, this may have played another significant role for those traders whom use the CME Gap as a trading indication which has proven reliable in the recent past. This would have lead to selling off along with the whale alert combined adding to the drop.
Theory #3 My Theory
Under normal circumstances, Bit Boy would have been 100% correct, we would have seen that CME Gap retracement with a strong move to the upside, but this is crypto. The land where speculation with using an already foreseen circumstance combining the power of leveraging making a nice market manipulation resulting in gains of $1.2 Billion USD I wonder if Bill Gates Net Worth increased by a few Billion this week? Joking, but I would seriously like to know...
I had warned that we could see a retreat once we hit $62K with $49K being the worse of the retrace but ideally in the lower $50K area so far a low of $53.1K USD which is about 4K away from my predicted worse case scenario which could still happen before we continue to the upside. I still can't confirm $49K before moving to $87K
Below are some charts that show my general idea on where Bitcoin is headed.
Bitcoin appears to be following the current channel of growth at this point in time, this isn't solid, honestly it just amounts to a pretty and colorful drawing that could go either way or just continue to climb the current channel.
I am leaning towards everything over the last several months being phase 1 or cycle 1. The blue line is the path should follow closely is it is going to mimic the last several months of data. So far it seems to have been a form of resistance. I do believe this cycle alone will put us at $100K or very close to it. The third cycle or phase will be the $137K mark in what I am expecting to happen.
We will always see these rumors that spark massive sell offs as long as we have weak hands in the cookie jar. No one wants to get caught holding all the cookies but everyone wants a piece of the action.
My Final Thoughts
I am really getting sick of all of the Manipulation in the markets, but as long as you have society you will always have that group of the Elites who have most of the money in the world who will use that money in any way shape or form in order to accumulate even more money with out regards to whom it will hurt.
That is the sad reality, Greed is more powerful than anything. I doubt we will ever develop a system that can't be manipulated due to the factor of greed. One day I know it will be next to impossible to manipulate Bitcoin as the Market Cap grows to astronomical levels.
We have some of the intuitive people from Michael Saylor to Elon Musk that have started the massive Exodus of Corporations away from Fiat into Crypto. We have major institutions like Fidelity starting investment funds for Bitcoin with the minimum buy in being $100,000.00 USD so the thought of Bitcoin plummeting to $0 is just not realistic.
People and most importantly the wealthy Elite are losing faith in the traditional fiat system. As they seen Mr. Saylor grow his holding by over $1 Billion in under a year, That was money that was just sitting around as cash reserves. That was probably the best move this man has ever made, no offense to him, the man has made millions if not billions before he even decided to dive into Bitcoin and educate his self to the point he is now a crypto addict.
The thing is, we are going to see even more balance sheets get converted to Bitcoin We will still always have the side market action and we will have other coins that will blow up, but I have said it over and over again. Bitcoin is King in the world of Crypto. Bitcoin is a long term investment, not a quick flip.. However if you are patience and take the time to learn a lot about crypto along with the psychology related to the market manipulation and you use correct leveraging you could make a lot of money leveraging trading.
Although you have a really high risk of being liquidated the higher the margin levels which equals higher profits. I like risk though!
As Always, Thanks For Reading, God Bless You and Stay Healthy!
