• The reason for the hellacious drop is the Koreans. North Koreans keep hacking South Korean exchanges and some have dumped the stolen funds as well. Its panic selling in all its might. Korea was a huge force in the Bitcoin/crypto rise and had a significant share of the market. Crypto markets experienced a similar shock when China banned ICOs and their exchanges from operating back in September.
• The question is who will save Bitcoin & crypto? Where is the breaking point? In the cash market, if bitcoin breaks below $8600 then we can easily drop to $5400. That will set us up for a very long winter in the crypto world. As it is right now bitcoin is still holding its integrity for a 5th wave up. Each of the tops indicated by a blue arrows were projected tops I developed from a chaotic feedback equation. We still have our eyes set on 23k. Volatility shocks are projected in the days after Christmas and before New Years. If we hold the $9k-$10k area than the new bulls from Wallstreet will eat up the lions' share of the market Korea left them.
•Why Wall Street though? Don't they hate Bitcoin and Crypto? Their CEOs like Jamie Dimon definitely do. However they still look at Bitcoin as the decentralized hedge against a centralized world. Citizens want purchasing power and savings. They no longer believe in debt and spending to drive an economy. They want savings and production to do that. Bitcoin and the crypto economy offers just that. The Quantitative Easing and inflation from Central Banks granted Bitcoin the respect it sought. In September alone we saw giants like Credit Suisse, Barclays, JP Morgan, and Morgan Stanley buying huge volume during the China Ban. All in all, enjoy the Black Friday sale for Bitcoin & Crypto. The Decentralized party is far from over. If you wish to learn more about how I projected the tops in bitcoin feel free to message me.