The reason $2500 US Bitcoin should be the bottom is it traded for such in Yuan a few days ago based on Zero Hedge news and Webbot said 50% crash when it hits around $4800.
It seems the Webbot report will be right again. Amazing!
So, more downside to come towards the end of the month, given the massive selling pressure of Chinese crypto holders needing to sell given the closure of Chinese exchanges by Sept. 30.
Until recently, about 70% of all Bitcoins owned and traded were in Asia, so this Chinese news is huge in crashing down crypto prices in Sept.
Patience required to buy on lower dips. As people wake up, they see all cryptos being smashed down and many sell to cut their loss or take their dwindling profit. If they did such yesterday, they would have protected some of their profits today. If they sell today, they protect some of their profits tomorrow on additional sell-offs, etc.
Lastly, the large volume of Chinese buyers won't be able to resume trading with cryptos until they get set-up and confirmed with a new exchange outside China (if the Gov't allows it), so this may tamper how fast Bitcoin and other crypto prices bounce back up, and the world may not see the intensity in their prices sharply spiking up fast like before, because of it, due to the lower volume of crypto buyers if Chinese buyers are removed from the market.
Maybe Bitcoin was China's pump to the world before they dump it, leaving the world as the losing bag-holders, given the majority of Bitcoin owners/traders are in China.
Good luck if you gamble in cryptos.
endtimenews