We are constantly told by the likes of Tom Lee, Tim Draper and co. that BTC will see $22k to $30k by year end. That’s only six months away.
Going from today’s price to $22k in just six months, hmm, have you any idea what a price chart for that kind of meteoric price rise looks like?
I do because I did a chart on Trading View.
Let me explain what the chart looks like.
Think back to what the BTC price chart looked like when BTC went parabolic and then think of the declining candles after that. Now, twist the chart 180 degrees, as if mirroring the chart.
Think of an isosceles triangle. The left hand side is BTC’s descent in price from $20k to now.
The right side of the triangle is the ascending route BTC’s will need to travel from now to arrive at $20k in time for Xmas. In other words, BTC’s price needs to do the same parabolic journey again to make it in back to $20k in time for Xmas.
Well, I see several problems here.
We were all told by the experts that the parabolic rise that lead to BTC reaching $20k was not organic. That the price of BTC was manipulated. As such it’s price was never going to be sustainable.
Yet, here we are being told that BTC will need to travel the exact same route and parabolic rise in order to reach the predicted prices for end of year that are being spewed out by these so called ‘experts’.
Of course, along the way back up to $20K there will be so many profit taking events that poor old BTC will unlikely make it past $9k. I can only imaging the number of sellers waiting at $7k, $8k and $10K. How will BTC ever make it to $20K? Everytime there is just a $300 price increase the sellers/profit takers come out.
I personally would definitely sell well before $20k given half the chance because I know BTC‘s price is going to crash so many times on its upward journey I wont want to travel that road for long!
There is no money coming into the market. It’s all going out of the market. Volumes are so very very low now that it takes very little effort for the Whales to move coin prices in which ever direction they want a coin to go in.
No incoming money means no volume. No volume means no buying. No buying means no demand = stagnant or decreasing prices. How can this market ever recover? No more Chinese market (they accounted for 90% of BTC purchases!). No more Indian market.
There is no institutional money coming in to the market. Why would there be? Look at all the ‘convenient’ exchange hacks causing sudden crashes. Market manipulation. All that stuff would need to be gone before institutionals even consider entering the market.
Lots of ‘experts’ saying institutional investors are waiting on the sidelines, ready to bring in $ billions. Really? Where? Where are these big money guys?
Who are the experts saying these things? Oh, yes, Tom Lee. He also predicted that BTC would see a 70% increase in it’s price during the big crypto event in the States last month. Guess what? He was wrong. The market slumped. If he was wrong about that he could also be wrong about $25k by Xmas. Right?
Why would professional financial experts want to enter a corrupt market such as this crypto space?
We are also told by a number of so called ‘experts’ that BTC’s price MUST fall to $3k in order for the next bull run to start. Really? Why is that then? I have never heard such BS. Wow! I can just image what the BTC price chart is going to look like with that figure as the starting point towards $25K by year end!
Question. If you were not already a holder of cryptos would you even remotely consider buying any crypto at this exact moment in time? Seeing the market in constant decline as it is. The price of BTC as I write this is $6363. I bet when I wake up to tomorrow the price has slumped still further.Or maybe someone is planning another small $12million exchange hack in order to cause the market to crash again and lose another $20 BILLION!
If I could turn the clock back I would not have entered the market when I did. Knowing what I know now I actually would have avoided this market like the plague.
The hack of that small exchange last night did not cause this crash. That exchange, just like the other exchanges that were hacked a few weeks ago, was a very small hack. Less than $12m. Yet each hack wiped out $20 BILLION off the markets? No, I don’t think so. I smell massive manipulation here.
The hacks were convenient events that the bad actors took advantage of again and used as cover to unload large amounts of BTC in order to kill BTC’s price.
The timings of the the hack of last night and the price crash this morning were like 6 hours apart.
If a local bank was robber would you expect the stock exchange to crash?
I feel like the market has reached a bad place now where a reasonable recovery in prices is not likely to happen for a very, very, very long time. Certain players simply do not want it to recover. The bad actors and the profit takers have all but killed this space now.