BTC has finally come to a point where the wedge it's been in for months has run out and the price is forced to break out of it very soon.
I see a number of support levels all the way down to 5000 and where it's going to stop is anybody's guess, short term it does seem to look bearish, but I suspect there is a possibility for it being a bear trap.
I believe today's drop is correlated with the global equity market selloff with the DOW having its 3rd worst day with a more than 3% decline.
BAKKT is supposed to launch next month, who knows, perhaps pushing it down with a final blow to 5000 would allow certain people to buy up loads of BTC on the cheap while other people throw in the towel and sell at the bottom.
Some people think Bitcoin is dead and crypto is dead and the whole thing is a scam, I don't believe that at all. The technology is amazing and unlike other financial markets, there is a real strong community of die hard BTC hodlers and fans. On top of that, there's hundreds of millions of dollars of real world money being poured into crypto infrastructure around the world by very smart and very wealthy people and companies. Would they really do that if crypto was gonna die?
Patience is key, time in the market > timing the market.
Disclaimer: this is just my own opinion and not financial advice.
I see a number of support levels all the way down to 5000 and where it's going to stop is anybody's guess, short term it does seem to look bearish, but I suspect there is a possibility for it being a bear trap.
I believe today's drop is correlated with the global equity market selloff with the DOW having its 3rd worst day with a more than 3% decline.
BAKKT is supposed to launch next month, who knows, perhaps pushing it down with a final blow to 5000 would allow certain people to buy up loads of BTC on the cheap while other people throw in the towel and sell at the bottom.
Some people think Bitcoin is dead and crypto is dead and the whole thing is a scam, I don't believe that at all. The technology is amazing and unlike other financial markets, there is a real strong community of die hard BTC hodlers and fans. On top of that, there's hundreds of millions of dollars of real world money being poured into crypto infrastructure around the world by very smart and very wealthy people and companies. Would they really do that if crypto was gonna die?
Patience is key, time in the market > timing the market.
Disclaimer: this is just my own opinion and not financial advice.