Re: I can see a flash crash to sub $2k after the current bulltrap
Simply because the lack of Chinese bag holders to buy and hold our bags.
every day 2k of bitcoin created, who is going to buy them?
huge amount of bitcoins gonna be sold by Chinese, no one can buy them and hold the price above $2k, in fact, not even $1k.
every day 2k of bitcoin created, who is going to buy them?
huge amount of bitcoins gonna be sold by Chinese, no one can buy them and hold the price above $2k, in fact, not even $1k.
But the Chinese account for much smaller trading volumes than other market leaders like Japan and the USA. In fact, several exchanges like Bitfinex, GDAX and Bitstamp had record-setting days for volume traded. That says something about how much this market has matured. Just a 40% correction from the top before massive record-setting volume comes in. And that's at $3000, a price we were only dreaming of last year.
The strong demand for BTC despite the China news is palpable. It could be a bull trap. But even if you're right, this bounce has got some miles left on it. Let's cross that bridge when we come to it.
