BITCOIN - Market Cycle - Part 11

ferGOD Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello Everyone,

Currently, BTC is hanging just above the $7,100 marker as the Americans markets get advanced. Trading volume has been steadily decreasing across major trading pairs, including BTC /USD and ETH/BTC , signaling incoming decision time.

After BTC makes a significant movement (regardless of whether the move was up/down), it typically needs to hold momentum. Without doing so, history has shown us is that *down* is the way we go.

At current, BTC and the rest of the crypto market are fighting against a souring Chinese narrative being spun and promulgated by media outlets worldwide. Nevermind that China is bullish on blockchain, what the market is latching onto ever more tightly is the message that the world's most populous country is anti-crypto.

That wouldn't matter much if the rest of the world were up to the task of carrying the market, but so far, no one has stepped up to the plate.

So, what happens next?
$3 Billion Exit Scam Suppressing the Market?

Until CoinTelegraph broke the news about PlusToken, a $3 billion exit scam that mostly took place in Asia, few Westerners knew of the story.

To make a long story short, PlusToken, a purported crypto investment platform and wallet, scammed about $3 billion worth of BTC , ETH, and EOS from predominantly Chinese and South Korean investors.

Few inroads have been made regarding the whereabouts of PlusToken's founders after they disappeared in June of this year. A handful of blockchain analysis firms of vaguely concluded that vast sums of crypto from wallets associated with PlusToken may be suppressing market prices with shuffled digital assets.

Crypto Twitter Remains Largely Bullish , but Some Disagree, believes that the market is due for at least another leg down. The case for a drop to the low $6,000s before finding a bottom sometime in January 2020.

A large drop to the $6K region will likely be preceded by a smaller step down to $7K flat, which is ominously looming just below the market's current standing.

Others, including famed trader Peter Brandt, see strength in BTC's current position, with Bloomberg's crypto outfit even speculating that short term prices may head above $8K.

As always, time will tell.


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