Out with the bullish scenario, looks like Bitcoin is irrevocably headed lower. Excellent work. What in your opinion will stem the red tide? Fundamentals must have some effect. Maybe Bill Gates took Tyler Winklevoss's suggestion (Tweet) and decided to short Bitcoin?
RE: Bitcoin Technical Analysis: Change is Coming
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Bitcoin Technical Analysis: Change is Coming
I think the drop is a combination of things.
For the last year we watched a market propped up on major manipulation. When the bubble burst, and it went from $20K down to $5,800, it was immediately propped back up to $11K through more manipulation. In other words, $5,800 was NOT a true bottom. Now, that the Department of Justice is investigating price manipulation, the manipulators are cashing out. With no more (or very little) manipulation to prop up the market, we're now going to see the REAL bottom we should’ve seen back in January.
There are other factors as well. The SEC still hasn’t outlined clear regulatory guidelines. Until this happens, we won’t see any new money enter the market. The good news is, once the market does bottom out, and we have the regulatory framework in place, I believe we’ll see a bull run that’ll be sustainable for years.
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