Gate to Hades

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.

Comment:

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.

Comment:

Another drop is coming soon. And we will drop lower than before. 16K is the least to expect.

Comment:

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!