Chinese Bitcoin owners MUST sell by the end of Sept. before exchanges close in China, per China's crackdown against cryptos which caused Bitcoin to crash from $4800 to $3000 in the last week or so, according to the news.
Chinese people own most of Bitcoins and many of them are waiting and hoping to sell at a higher price towards the end of Sept. At some point, they will sell like a massive herd at once on or before the end of this month - and this will cause a major crash in bitcoin's price going down on or before Sept.30 when they are all forced to sell before the exchanges close.
With that, you may see Bitcoin crashing below $1000 because of this massive Chinese selling pressure towards the end of the month. With last weeks crash of Bitcoin's price, that was just the beginning of this massive selling pressure in Bitcoin's price that will continue towards the end of Sept. when exchanges are closed in China, per the news. It was China's closure of exchanges news last week that first began Bitcoin's price crashing down to $3000.
Bitcoin was so oversold, in that, the run-up over the last few days was a dead-cat bounce, given Chinese Bitcoin owners must sell and exit Bitcoin before the China exchanges close at the end of Sept., unless China amended their closure date. Yes, if the China exchanges stayed open, highly likely Bitcoin's price would resume higher in its up-trend, but China's Gov't ended Bitcoin's party by closing the exchanges, which removes the majority of Bitcoin buyers/sellers from the Bitcoin market.
Maybe China's Gov't have or will extend the closure of exchanges, or will they allow the Chinese people to open accounts in exchanges outside of China?
Only time will tell what happens, but the above scenario is highly likely to happen if Chinese Bitcoin owners must sell their Bitcoins by the end of Sept. before exchanges close.
Heads up as a holder of Bitcoin. If Bitcoin's price crashes down sharply again breaking $3000 and $2000 or even $1000 towards the end of Sept., the above is the #1 reason why. Bitcoin's price crashing down will also cause the crashing down of Litecoin, Ripple XRP, Ethereum and other crypto prices towards the end of Sept., like it has always done before.
Don't care either way, as never owned any Bitcoins.
P.S. Google to verify this news which says in last week's sell-off in China, Bitcoin's price went to $2500 US in Yuan equivalent on China exchanges. But Bitcoin didn't go anywhere near $2500 US on exchanges outside of China in the recent selloff - yet.
New breaking news: One China exchange announced it will end trading at the end of the month, with OkCoin and Huobi closing at the end of October. So, 2 of the Chinese exchanges now close at the end of Oct. rather than the end of Sept. A Chinese government notice said: "All trading exchanges must by midnight of Septermber 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations.”
endtimenews