Gate to Hades
Updated
DXY strong, EUR less than a §, interest rates rise, 140K BTC from Mt. Gox to be repaid in August (and assumedly sold asap )
This is HUGE pressure on the Bitcoin .
The BTC USD chart clearly shows that BTC lost 35 to 50 % in each of the last 3 major drops since November 21. The one coming smells like another major drop as well, reasons above. We should expect at least a 30% drop until mid August. Currently BTC is trading at 20K USD. Drop will continue towards 14 to 10K range. A support may occur around 16K since it was a resistance before BTC went through the roof.
Don't take this as an advice. I am still learning and don't own a glassbowl yet.
This is HUGE pressure on the Bitcoin .
The BTC USD chart clearly shows that BTC lost 35 to 50 % in each of the last 3 major drops since November 21. The one coming smells like another major drop as well, reasons above. We should expect at least a 30% drop until mid August. Currently BTC is trading at 20K USD. Drop will continue towards 14 to 10K range. A support may occur around 16K since it was a resistance before BTC went through the roof.
Don't take this as an advice. I am still learning and don't own a glassbowl yet.
Note
Since BTC kept rising since its low in june and Mt Gox didn't refund his customers yet there is a little delay in my forecast of a dropping BTC. Still the pressure on it remains and that's why i am strongly believing that BTC didn't see this year's lowest low in June yet.Note
Another drop is coming soon. And we will drop lower than before. 16K is the least to expect.Note
Man, this played out well!I don't believe bearmarket is over yet.
We might see at least 18K or even a new lower low.
This run is a fake out of hope. SPX will suffer from the same. Effects of rising interest rates will just come tu fruition now. Stay warm!
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