What is happening with the Crypto market? Is it declining to "fill the gaps" of ETF trading? Will Bitcoin (BTC) fall to a $7400.00 level which is one of the gaps that "did not get filled". In short, most likely no. One of the problems as to why "Gaps" exist is that crypto currencies trade 24 hours a day 7 days a week. Wall Street closes/opens between 9:30 am to 4 pm. Obviously the crypto currency market continues after they are closed. A lot can happen during Wall Street being closed.
What we are seeing is the typical consolidation of crypto currencies. The "Big" guys are buying all that is available. In fact, much of the Bitcoin minors have contracts to buy future BTC that has yet to be mined by these large institutional buyers. I have heard reports of conference calls with the big banks and Venture Capital groups that predict BTC to be in the high $38,000.00 by the end of this year, December. It gets even better, they think BTC will hit $100,000.00 by end of summer 2020. Now for the concerning news.
It seems that the powers to be have a general idea who owns stored BTC. They have detailed demographics on who owns BTC, how much and in general, what your net worth is. They have run scenarios as to what it will take to get you to sell your BTC. The ultimate goal is for a few extremely wealthy individuals (whales) and large banks/ Hedge Funds to own all of the worlds BTC. They will own your BTC, it is just a matter of time. It is when they own 80% or more of the worlds supply of BTC that it will run up to and surpass $1,000,000.00 per coin. It is highly unlikely that many of us will still have a complete BTC in out possession when it reaches the $1,000,000.00 price range.
If you are smart, strategic and hide from the big guys you may be one of the lucky ones and still have 1 BTC in your cold storage when it reaches $1,000,000.00 or more per coin. Just a side note. Do not forget that very sophisticated cyber crime will also be targeting your BTC for theft. Be wise and careful in the years to come with your crypto holdings.
image from: kryptomoney.com