Did you see that bitcoin price pump from 3606 to 3870 today? That's the thing about these big wall street whales. They will move the market up and down and establish a pattern that people think will continue. Then when the price pumps like today they sell into it. Then when they finally want to move the market to a new level like back to 4 or 6 thousand, most regular working class guys like me are mostly in cash while the price skyrockets into the stratosphere. That's one of the reasons I don't trade. I just buy some bitcoin every payday and go on with my life. Eventually when the market goes back to the all time high, I'll benefit from the price increase with my entire stack. And while the price is low as it is now I'll continue to buy the cheap bitcoins that the big boys are selling short. I can't beat the wall street types in trading, I'm well aware of that, but I can match them in patience. That's the only way I can beat them.
I wouldn't be surprised if we see a nice price increase during the proof of keys event. If people want to pull their crypto off the exchanges, there will be fewer tokens for the exchanges to use for short selling. So during that event shorts may be covered (and repurchased) so the crypto can be removed from the exchange. That could cause a short term price increase.
This is just a guess. I'm just a diesel mechanic so don't trade on my advice.
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I still think that bitcoin will test the lows of $1200.00 then it will most likely go up to $80,000.00 - then I'll sell to pay off all my debt & never get into debt again.
Great Post - Vention
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