Considering the lack of engagement and support for my content as well as myself not being known as a financially savvy person, I can not blame anyone for ignoring my BTC post where I shared a video from CryptoMo, who was warning of this day.
I almost transferred some Hive to BTC last week but Crypto Mo was warning BTC was going to $53,000 and maybe even a quick wick down to $43k.
Roughly 10 hours ago BTC went down to $42,103 usd. Oh boy how bad did you get rekted last night? Where you able to sleep? It is not funny but not too late to adjust the sails and prepare for anything... even a drop to 28k then possibly 10k.
Apparently, the Federal Reserve is starting the tapering process, compiled with warnings from notable investors like famed investor Louis Navellier, it is looking real bearish for BTC for the rest of the year and possibly well into 2022. Maybe when the US debt celling is voted on again in February 2022 is when things could start to reverse if the bull run is truly over for BTC, just my opinion.
The sudden bitcoin and crypto sell-off, coming alongside some serious stock market declines, follows a warning made by famed investor Louis Navellier that widely-expected Federal Reserve "tapering" could burst the bitcoin and crypto bubble.
What is Tapering?
What Is Tapering?
-Tapering refers to policies that modify traditional central bank activities. Tapering efforts are primarily aimed at interest rates and at controlling investor perceptions of the future direction of interest rates. Tapering efforts may include changing the discount rate or reserve requirements.
-Tapering may also involve the slowing of asset purchases, which, theoretically, leads to the reversal of quantitative easing (QE) policies implemented by a central bank. Tapering is instituted after QE policies have accomplished the desired effect of stimulating and stabilizing the economy.
CryptoMo, in almost all of his videos has presented two different scenarios for BTC and has always pointed out that there is a great risk BTC could decline dramatically, as for weeks BTC has failed to close weekly candles above key support levels, indicating the Bulls are losing steam and that BTC is still heavily tied to risks of inflation worries. Yesterday, we saw the worse case scenario emerge for BTC where the Bulls gave up and gave into inflation and Federal Reserve warnings. BTC going below 48k and not quickly bouncing back is all bad. In the video I shared above from CryptoMo he shares his analysis on possible scenarios where a reversal can happen for BTC. He says tomorrow's weekly candle closing as well as the next few weekly candle closings will better clarify the BTC market.
I will end this post with a dire warning from a famous investor Louis Navellier:
-Navellier warned the bitcoin price could drop below $10,000 per bitcoin, a fall of more than 80% from its all-time high set last month of almost $70,000. The bitcoin price has recorded similar such declines in the past, although bullish bitcoin and crypto investors remain confident bitcoin's price is going far higher in coming years.
-"I would take a decline below $46,000 (the 200-day moving average) to be a yellow flag and a decline below the spring low of $28,500 to be a completed massive double top which points to a decline to below $10,000, which incidentally would match many of the multiple 80%+ declines in its storied history," Navellier wrote.