Does china drive the BTC prices?
With all the past hype about the great bitcoin halving and the fail to launch of the Moon Rocket. I find my self struggling to find the direction BTC is going. Yes there was a small pump yesterday, about $30.00 or so. But to me I find it manufactured. The volume was questionable all day and it seems like the current drives are all on time with common indicators. For instance the crossing of the 200 ema and the 50 ema yesterday.
I got into an argument yesterday with a few people in the TV troll box. I simply asked the question as to why the majority of the current money moving is LONG? If there is one thing I have learned in the past it is BTC never does what the masses expect it to do. Its almost a sure thing these days to do the opposite of what the majority is doing. IMO!
So my theory is this. I believe that Chinese miners have a strategy in play. I respect the Chinease way to much to believe that they will just let the masses drive BTC. I think the smart move would be to drive BTC with small moves such as yesterdays. This gets the money moving again. This builds confidence in the current market.
Then as people become comfortable they drive a massive dump. Down to the $500 area. This type of panic will cause the masses to believe DOOM is here. That kind of drive could make us touch areas of $450 or less.
Why would they want this?
If I were a billion dollar business owner and my total income got cut in half. What would I do? Would I just let things develop and accept a new LOW income? Or would I find a way to adapt and generate a new path to a Larger income?So how does one do that?
Many people are SPECULATING that there is a shortage of BTC. If that is true, how long did it take for you to buy your last BTC?
BTC is readily available at this moment and the supply vs demand card does not apply in this moment to drive price.
So if I were a mining super power I would not sell my currently mined BTC that is now half of what I used to get. Especially if I have the power to move this market. The smart play would be to drive the market down and accumulate more coins before driving price to ATH.
If BTC were to go up now, how high could we see it this year. I think $700 is a stretch at this point. MAybe we are oversold?
I have no doubt that we will see $750 again. I just believe it makes sense that we see $500 first. The BTC halving defiantly changes the course of BTC. If I have learned any thing from the Chinese it is that they are disciplined and there actions come from strategy and not instinct.
It is very important to understand, China is controlling BTC mining. China has the largest adaptation to BTC and BTC use. China is a major variable that needs to be put in place when buying or selling BTC.......
This is just my opinion and any input would be greatly appreciated.
I am currently short from $645.00, So even though I currently am loosing It is my belief we are going lower.
Good Luck
You feed and care for the cow you milk you don't kill it. It would not be in thier favor to harm BTC they have a lot of it. So you could be right.
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