I just have a feeling, that we havent been in this range long enough, for the elites to buy what they want.
This crash was extremely manipulated for big money interests to get into bitcoin given how many of them have finally realized it is the apex asset of the human race and they needed to get in.
Elites and big money of course – dont buy assets at the top of a big pump – they want good prices to get their entry.
So on rolled the FUD campaign…
Anyway, thats old news now….
On to the prediction here: I think we are going to hit our heads on this (which we are doing right now while I write this) and range down to the lower support.
One major driver of sell pressure has been the chinese miners. China is indeed cracking down on miners, and this time, chinese miners have really had enough – many of them are already moving out of china now.
The majority of sell pressure in the last few weeks has been from them. They are also selling off mining machines, and I am putting something together to buy a bunch and increase the size of my mining farm substantially with highly discounted mining rigs.
But anyway that is what is going on from what I can tell, and I think there is still a big enough supply of cryptos that the chinese miners need to offload. More of them are making the decision over these days going by that they do actually have to shut down mining operations in china and either move elsewhere – or just exit the industry if they cant access infrastructure and electricity in other countries. (Khazakstan has just seen a chinese miner move over there and begin building a $60M mining operation for example….but I know that many chinese miners arent going to leave china to continue mining, they’ll just exit and sell what they need, to wrap up costs and close their businesses).
We could be going up further and it would be good to see, but there is still sufficient selling pressure coming in over the next weeks and possibly month that there will be good buy opportunities (i mean, technically, you could buy right now and its still a great opportunity in the long run…)
Lets see if the sell pressure is enough to withstand the immense buying pressure!
Those miners still do have access to sell their coins OTC so it might all be done off the books.
My goal: accumulate as much more as I can while these prices are at all-time-lows .
We arent going to see bitcoin this low ever again, and many alts still have 150% moves back to their previous ATHs which makes them very good buy targets too.