Bitcoin's Price


#1

Bitcoin’s price drops in the last week, Would it be related with the Goldman Sachs mind changing about including Bitcoin in their stock? Or with the transactions that came out from a wallet that once belonged to the founder of Silk Valley?


#2

Pretty sure Goldman Sach’s news was fake news. Has more to do with whales cashing out or really, since everyone was watching the exact same resistance zone, many “smart traders” likely began taking profits.

A likely sequence of events:

  1. smart traders keeping their trailing stop losses following the rise in bitcoin prices intact and fairly close to the price action.
  2. Silk Road (or former whale of Mt. Gox, which is it?) moves $80 million on Bitfinex and $32 million to Binance for a total of about 11% of total 111K BTC in the wallet.
  3. 10,000 BTC short placed on Bitfinex
  4. [SPECULATION]: Large quantity of BTC sold on Binance and Short cashed out on BItfinex.
  5. Bitcoin price drops sharply.
  6. Fake news begins to appear (Goldman Sach’s for example), leading to further panic sells from the herd.
  7. More price retreats across the market.
  8. Now we’re in state of recovery, (i.e. returning to the mean).
  9. Rinse, Repeat…

#3

I think this next week is a good time to buy the dip in 5-6 range. I wonder what will happen next. lol


#4

No, as it’s another month, not earlier;) Although I think something will happen in December.