A court case with Coinbase arose after the IRS found that for in each year from 2013 to 2015, only about 800 taxpayers claimed bitcoin gains. During that time, the cryptocurrency rose to $430 from about $13. With 2017 being the year of mainstream awareness of crypto and over half-trillion USD marketcap, governments want their share of gains. Worse, if you traded at the peak and held large cash profits for 2017, any holding of crypto have depreciated since then.
We have a very steady descending channel, and we are right at its top edge. I speculate that there is an opportunity for bears to push the price down up to April, forcing taxpayers to liquidate higher percentages of their crypto holdings; meaning future gains to 11-12k may be a bull trap. I speculate most investors are hoping for this recent recovery to keep its upward momentum to allow taxes to be paid with a smaller percentage of coins. But instead, a reversal occurs and panic onsets while bears walk in and scoop up cheap coins having cashed out large sums on the side for such an occasion.
Will there be blood?
We have a very steady descending channel, and we are right at its top edge. I speculate that there is an opportunity for bears to push the price down up to April, forcing taxpayers to liquidate higher percentages of their crypto holdings; meaning future gains to 11-12k may be a bull trap. I speculate most investors are hoping for this recent recovery to keep its upward momentum to allow taxes to be paid with a smaller percentage of coins. But instead, a reversal occurs and panic onsets while bears walk in and scoop up cheap coins having cashed out large sums on the side for such an occasion.
Will there be blood?
Trade closed: target reached