Source: https://www.ccn.com/bitcoin-price-rally-could-be-on-last-legs-bloomberg-analyst-warns
First of all, don’t believe ANYBODY you read, nor is this investment advice in any way. This is just my opinion.
I think the major market players are scrambling to cover “their short positions” and keeping the price “low” while they do this.
I think they “wanted” one more downturn to get Bitcoin down to $2,300 - $1,800 —- Lord knows how many times of this price target in the media — who talks this way?
Yes, the technicals for Bitcoin (long term) have been bad — but technicals are past behavior and they paint a chart.
Now we have all these events in cryptos from companies, countries and MUCH more and perhaps the narrative to make people believe in lower BTC is not as easy any more.
Certainly people can see what is now happening and if the price does go down —- it’s a gift.
Litecoin has already doubled from it’s low and the LTC halving is 5 months away — so we expect LTC to all of sudden drop back down to $17..... does not make any sense at all.
It takes time for whales and manipulators to unwind their positions. I think this is why you see this “tight price zone”.
Yes...the pressure is building on the weekly chart. BTC is stuck between the 20 and 200 week moving averages
IF it did drop down does that mean ALL the good news this year and products coming out are “stupid” and BTC is no longer needed???
On the contrary, I think the opposite is true. Banks are testng crytpos for transit. Countries are testing cryptos for trade. Fidelity and IBM are now releasing custodial products to HOLD and manage Bitcoin and others. India and Russia are now all of a sudden reviewing and changing crypto regulations.
The saying is “markets are irrational”.
In which ever direction it does move, it will be substantial when it finally does happen.
Only time will tell.