For the month of June, Bitcoin has reached and rejected the 261.8% Fibonacci Extension Level.
What a coincidence that in the same month the Federal Reserve Chairman Yellen announced interest rates to be raised, currently at 1.25% from previous 1.00%
The Fed have yet to meet their inflation target and such quantitavive easing of the US Dollar could cause market manipulation.
Expectations of a strong USD coming forth could also make Bitcoin drop in value.
As Congress has approved the debt ceiling and the Fed about to print 2.4 trillion USD, the most ever to be printed in a quarter could cause artificial pumping of the USD.
Take notice.. the market cap for the whole Crypto market is 100 billion USD,
and the Federal Reserve about to print 2.4 trillion USD which is 24 times that of the Crypto Market Cap.
That's HUGE!!
With everything that is happening Bitcoin could drop below $1500 and potentially hit $500 mark, and from there go in its regular trend when all this USD manipulation is over.
This could also affect other coins like Ethereum dropping to $100 as well.
Its a good time to hold and trade USD and convert for bitcoin later at a cheaper price.
Knowing that Fiat USD money has no value and isn't backed by Gold anymore,
Soon after this false correction... the dollar will collapse and bring bitcoin up to new highs... what a great time to be alive!