For two consecutive days, Bitcoins fell late at night. There are many rumors on the Internet, some people say that the exchange joint bankers, institutions, a hanging of retail investors. Others say they are preparing for big organizations to come in one after another. But in any case, retail investors are innocent.
there's a simpler explanation---retail investors hung themselves. have you been seeing all this hype around bakkt leading up to its launch? well once it launched the hype was dead, but everyone was still long on BTC. that creates a situation of strong supply and weak demand. the path of least resistance was down.
i don't think we'll go
too much lower.....maybe the low $7ks or a wick into the $6000s at worst. no matter what, there will be a violent rally once we finally bottom out.
I'll take around $6k as the bottom and will have momentum swing after that.
Im even surprised Bakkt hype didnt execute positive results in the market. I left clueless to as why the price continued to go downward, after the massive sell off took place and drag the price down from $10k to $8k real quick.
what make you think the bottom is 6k level? because of some TA? hardly it is the case...
I think that if we are going to fall down again, I mean if the falling is the trend, then the market will go to last year level - 3-4K
of course this is really bad, but that is real case scenario...
Its not always the case for me. TA's doesnt always work, lets say TA's are 60% accurate. Now, I'll find the remaining percentage from the news and speculations to make the price analysis gap closer to whats expected.
I read an article about the price drop today, some predictions says that the bottom for this fall is $7.5k. I have feeling that the price would continue to fall closer to $6k as there are still people who would sell their remaining asset to cover the loss (panic sellers). On the $6k mark its a good entry point for a lot of people to accumulate more Bitcoin. Then, that would be the start of the price to rise again.
Thats just my personal analysis on the current market movement today.