Recently with the continuing downtrend that we are experiencing with bitcoin a Bulltrap will arise out of the ashes of the current market.
As you can see volume has continued to die off and is still dying, but if there is a rise in buyers (which will happen) what we will see is a massive Bulltrap luring in all traders alike and their mothers, price will quickly inflate to 10k, where we will see some profit taking and a selloff, but it may continue higher depending on how much velocity we have to keep it going which will then land us at 12k resistance what follows will be a bloodbath the likes of never seen before and bitcoin will bleed till it is no more. We will see a massive selloff which will take us back down to 8k but wont stop there. And then finally there will be a return to mean and price will stabilize around 5k resistance probably dropping further down along the way. Volume will continue to go lower and lower. I expect us to stay in the green of the pitchfork, which aligns with our current trend that we are already in. I expect btc to slowly die off as more and more worthy coins come forward to replace this old horse, along with more and more exchanges coming out with fiat pairs and the like, this may be the end of Bitcoin controlling the market with an iron grip and its grip is already loosening.
We already know the price/volume of btc has been massively inflated by the exchanges and institutional investors thus this was bound to happen if you don't see the manipulation at play then I have news for you!
Let me know if this was an eyeopener to some of you optimists in this bear market, any feedback is appreciated!!
As you can see volume has continued to die off and is still dying, but if there is a rise in buyers (which will happen) what we will see is a massive Bulltrap luring in all traders alike and their mothers, price will quickly inflate to 10k, where we will see some profit taking and a selloff, but it may continue higher depending on how much velocity we have to keep it going which will then land us at 12k resistance what follows will be a bloodbath the likes of never seen before and bitcoin will bleed till it is no more. We will see a massive selloff which will take us back down to 8k but wont stop there. And then finally there will be a return to mean and price will stabilize around 5k resistance probably dropping further down along the way. Volume will continue to go lower and lower. I expect us to stay in the green of the pitchfork, which aligns with our current trend that we are already in. I expect btc to slowly die off as more and more worthy coins come forward to replace this old horse, along with more and more exchanges coming out with fiat pairs and the like, this may be the end of Bitcoin controlling the market with an iron grip and its grip is already loosening.
We already know the price/volume of btc has been massively inflated by the exchanges and institutional investors thus this was bound to happen if you don't see the manipulation at play then I have news for you!
Let me know if this was an eyeopener to some of you optimists in this bear market, any feedback is appreciated!!
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wow quite some time has passed since I initially made the call, proud to see that it is accurately coming true, next up the death of the mighty bitcoin first mover of its kind