Hot Topics
COIN GECKO

Advertisement

Advertisement

Decisive Bitcoin Moves Up Ahead

 
Decisive Bitcoin Moves Up Ahead
Breaking News / Bitcoin / Analytics / BTCUSD

The cryptocurrency market seems to be on the verge of a major move. Volume is drying up and we are now at a point where the stakes are too high. BTC/USD is still trading within a symmetrical triangle and the bulls and the bears continue to be heavily divided over the future direction of this market. The next big move is near and it is going to be decisive.

In both the stock market and the cryptocurrency market, the majority of the stakeholders want the market to remain bullish. This is how they make most of their money. However, when external market forces make it difficult for that trend to continue, these key stakeholders are eager to crash the market so they can buy more at cheaper prices. In the case of Bitcoin and other cryptocurrencies, this what the whales have been doing over and over again.

We saw how the price crashed in March following in the footsteps of the S&P 500 (SPX). The manner in which it crashed gave retail bulls little time to get out of the market. They kept thinking it might recover at some point which it didn’t and it kept crashing, liquidating all those longs. The recent rally got them excited again but this is far from over yet. The reason the price bounced back up from $3k is because the big players couldn’t sell further without crashing the price. Since, they wanted to cash out at good prices, they pumped the price higher.

However, now that they are done selling most of their holdings, it is in their interest to crash the market again so they profit off liquidating retail bulls one exchanges as well as to buy Bitcoin and other cryptocurrencies at lower prices. In addition to those motives, this time, the big miners are interested in triggering a miner capitulation to knock out their competition and do to small miners what Rockefeller and Standard Oil did to their competition. The end result of this will be prolonged price suppression which will end up hurting retail bulls most of whom will keep waiting hoping that their coins would return to the prices they bought at.

You can share this post!

Advertisement