On Saturday, I wrote of how increasingly strong hands; coupled with inexorably rising demand and the upcoming May 2020 halving; could yield MASSIVELY higher Bitcoin prices…
…as INSTITUTIONAL investors, emboldened by the legitimacy Bitcoin has gained by remaining above the $100 billion “Hoffman Line” market cap indicator for nine months, start taking MASSIVE positions - in terms of the scant, available-for-sale supply…
Yesterday, I wrote of the relentless selling pressure we have seen on essentially every Sunday night when futures markets open – which should be carefully monitored, to see how much of the “bear market mentality” still remains…particularly, in light of last Sunday’s violent about face, when an initial $200 price decline turned into a $1,200 surge.
Last night didn’t disappoint…with “paper sellers” - yet again, at a time of day when few traders are active – attacking right away, before buyers came in to fight them tooth and nail. HUGE volumes have since traded, with seemingly relentless selling that as I write, has pushed the price down less than 1%, to $8,140. Per the below tweet, this is the DEFINITION of MAJOR, strong-handed buying - likely, INSTITUTIONAL; that cumulatively, will tighten the market up significantly.
Such MASSIVE supply absorption, at a time when 99% of the investment community has not a clue Bitcoin exists, is not only indicative of HUGE institutional buying, but limitless upside potential.
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STOPTo support your work, I also upvoted your post!
Thanks again, Andy Hoffman, for the Bitcoin information.
Congrats on your award