China is at it again!
Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money.
Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that "virtual currencies are not supported by any real value".
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer any crypto-related services, such as account openings, registration, trading, clearing, settlement and insurance, reiterating the 2017 ban.
Many Chinese investors were now trading on platforms owned by Chinese exchanges that had relocated overseas, including Huobi and OKEx. Meanwhile, China's over-the-counter market for cryptocurrencies has become busy again, while once-dormant trading chartrooms on social media have revived.
Hong Kong’s Bitcoin Association said in a tweet in response to China’s reiterated ban: “For those new to bitcoin, it is customary for the People’s Bank of China to ban bitcoin at least once in a bull cycle.”
“For those new to bitcoin, it is customary for the People’s Bank of China to ban bitcoin at least once in a bull cycle.”
LOL. Classic.
Also... this...!
Is there any truth to this?
Eh why do the research when we can just speculate blindly. That's what I always say. When it really comes down to it Bitcoin is a totally unregulated market that can be manipulated without fear of retribution. To think that the market wouldn't be manipulated would be extremely naïve.
So last night we had a flash crash that took us all the way down to $30k. By the time I woke up we had already popped back up to $39k. These waters are choppy as hell.
This flash crash marks a 54% retracment... which is TERRIFYING. These are the kinds of retracements we see when the party is over and we've entered the bear market. It's time to remind everyone that the REAL support is still at $20k doubling curve.
2021 Bitcoin Doubling Curve
| Jan | Feb | Mar | April | May | June |
|---|---|---|---|---|---|
| $13867 | $14933 | $16000 | $17067 | $18133 | $19200 |
| July | Aug | Sept | Oct | Nov | Dec |
|---|---|---|---|---|---|
| $20267 | $21333 | $22400 | $23467 | $24533 | $25600 |
But again, if this was insider trading liquidating longs, EVERY SINGLE LONG JUST GOT FUCKING SMASHED. The last time this happened we were so bottomed out (in March 2020) that all we could do was move up. This could easily be another situation similar to that where we just FULLY bottomed out and can only move up during a bullish summer. Is this simply the wishful thinking of a mega-bull? Who knows.
Conclusion
Again 54% retrace is really a bad omen. It's the kind of retrace that marks the end of a mega-bull run. Fortunately we were only x3.25 above the doubling curve to begin with, which is a standard bull run peak. That would imply that if you think a mega-bull run is still in the cards that's exactly where we'll go ($250k BTC by end of year).
When it really comes down to it I was starting to think my $250k prediction by end of year was totally off. The timelines weren't adding up. $65k BTC in APRIL was way too high. Now we are exactly where we need to be to continue on.
As a reminder, we are approaching the first summer in over a year where people will be vaccinated and the economy won't be locked down and people won't be hunkered down in their homes in fear. Summer is always a bullish time for Bitcoin. I'd be pretty surprised with a poor performance in June. Still think we can make it to $100k in a month or two. But again, this could just be the wishful thinking of a mega-bull. Who knows.
Even if this bull-market is over, price is going to go up regardless. After a near 60% retrace there will ALWAYS be a dead-cat-bounce caused from speculation and all the longs being fully liquidated. The question is: do we take gains when the price bounces back up or do we get greedy and hope that summer really is super bullish?
Posted Using LeoFinance Beta
You ever notice how the People’s Bank of China is an oxymoron. Does this entity even care about it’s people? Makes you wonder..
Posted Using LeoFinance Beta
They bank people and stake them to generate income.
hahahaha.
One eye, one horn.
In answer to your question... we get greedy.
fully agree, I think we will see a similar recovery like in 2017
and that insider post is definitely intriguing...
double RSI peak should be coming up in the next months; looking very similar to 2013 as well
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-the-musk-rally-and-crash
So what is your target price for the end of the year now that we are exactly where we need to continue?
Posted Using LeoFinance Beta
Same as it always has been: $250k BTC.
x10+ the doubling curve
2022 gonna suck though... gonna fall back to the doubling curve at $50k
I think there is some other factors at play here too. For NYSE, Cash reserve requirements recently were upped and yesterday a memo went out on a recorrection of fees of a $500 million valuation in event of a margin calls so market liquidation is necessary. When they were initially due a few weeks ago, is when the SPY couldnt sustain its $4200 valuation and sharply initiated a bear market which has been weighing down prices. Also severe inflation concerns over all the printed money and synthetic shares lately.
govts giving out covid relief money was a big boost to price too, articles floating around said up to 10% of all total stimulus money for USA was used to buy crypto.
You predicted $250k before the end of the year? That's crazy. Heck I didn't even expect $60k plus prior to this year (so soon I mean) so am probably crazy too.
It may be the end of this bull run, but I believe that crucial rebound signalled something important - we as a market definitely are too strong to be dismantled.
Till the next bull cycle then
I would say the news from Elon starting January made the ecosystem too much speculative and bullish, than we are used to. So I would say we cannot compare what is going on with previous bull-runs. The market was waay optimistic, too much. I bet we will continue going up, steady and slowly.
Yep.
Heh... nope.
This market is going to be insanely volatile for at least another 12 months.
I don't know if there's any correlation or just someone talking but there was also some rumor/speculation/whatever that they were going after the person/persons responsible for the ransom ware attack on the oil pipeline that was shutdown. Evidently he was paid in bitcoin.
Great analysis. $250k BTC would be so hot by the end of the year.
!LUV
!PIZZA
@edicted! I sent you a slice of $PIZZA on behalf of @amphlux.
Learn more about $PIZZA Token at hive.pizza
I have come across this rather dignificant trading insight lately. "Don't think what you think, think what other people are thinking."
Testing 30k support once to turn everything around magically just seems too simple ahaha. Many "buy the dip" calls out there, and others saying this is the end, we are going to sub 10k.
I feel neither is the most likely. If 20k is important and price continues down through 30k I feel it will not hit 20, simply because too many people would be waiting for it.
250k by the end of the year looks very possible now indeed... and it's not a bad mark at all!
Posted Using LeoFinance Beta
I wonder if that's the same insider who time travelled here from the year 2050 to make Youtube videos and tell stories.
survey says yes
Look what I discovered:
That really helps shed light on this situation.
classic mumu
Seems like you should probably just hedge your bets if it does go back up. Take some gains where you can to cover taxes fees and other expenses and then just hold the rest. That is likely what I will do depending on where things bounce back to.
Posted Using LeoFinance Beta
Hi @edicted, you were just shared some LUV thanks to @amphlux. Holding 10 LUV in your wallet enables you to give up to 3 LUV per day, for free. See the LUV in your wallet at https://hive-engine.com or learn about LUV at https://peakd.com/@luvshares https://ipfs.io/ipfs/QmUptF5k64xBvsQ9B6MjZo1dc2JwvXTWjWJAnyMCtWZxqM