There's a lot of hype around the BTC ETF right now, and with hype comes greed, and with greed comes price crashes.
Institutional money won't be able to go into BTC until ETFs are approved and functional. We won't see big volume for a little while, so this recent move up is all expectation.
We just touched a massive trendline, which goes back to the lows at the beginning of the year. We touched this trendline on March 11, again on June 16, and broke through August 17.
(This made a Head and Shoulders pattern....)
I've been a bear on Bitcoin because of this, but I expected a retrace to this trendline. If we don't break through (and confirm) above this line, I'm expecting a plunge to $20k.
Besides, if you were a massive financial institution who wanted to get into Bitcoin through an ETF, wouldn't you want to depress the price before moving in? I'm expecting a crash before institutional money can move in.
Institutional money won't be able to go into BTC until ETFs are approved and functional. We won't see big volume for a little while, so this recent move up is all expectation.
We just touched a massive trendline, which goes back to the lows at the beginning of the year. We touched this trendline on March 11, again on June 16, and broke through August 17.
(This made a Head and Shoulders pattern....)
I've been a bear on Bitcoin because of this, but I expected a retrace to this trendline. If we don't break through (and confirm) above this line, I'm expecting a plunge to $20k.
Besides, if you were a massive financial institution who wanted to get into Bitcoin through an ETF, wouldn't you want to depress the price before moving in? I'm expecting a crash before institutional money can move in.