#Bitcoin Market Update 2 August 2018
Bitcoin's market cap is currently at around 275 billion dollar, BTC dominance is over 48%! The whole market turned red after BTC nearly dropped $600 yesterday.
Altcoins have been bleeding even harder into double digits losses in this past week.
So what is going on and how long is this going to take?
Well, we have a few theories. Since we did not have any real FUD or negative news out, market makers and big capitals are shaking the market again.
But why? if there is no bad news out and a possible ETF approval is around the corner, why would they sell? Well, this is still an unregulated space: This is the wild west of 2018, a capitalistical jungle where even big investors get burned heavily on a daily basis. This space has insiders that get their hands on information before the mass.
There are people, humans, involved in this approval and in whatever way this decision goes, there is money to be made. So yes, this info finds its way into places where big money is going around.
Scenario 1: They know the BTC ETF will get rejected again and they have started their sell-off.
Scenario 2: They know the BTC ETF will be approved an they manipulate the market down to accumulate at cheaper price levels before a bull run kicks off..
As stated before, our intake here is bullish. If the markets drops to under the 7k area, we can assume the ETF will be rejected and we can get ready to short. We however, believe a bullish scenario and we have been accumulation our long position since the drop yesterday.
This bounce back to 7700 should have resulted in some nice profits already for our insiders. I did not close my position yet as we believe BTC will be climbing back up after this manipulative day.
We also believe the end of this terrible altcoin season is close to near, although we haven't seen the complete bottom of the alt market yet. People are too focussed on BTC. In case of a ETF rejection: BTC price will drop heavily and Alts will drop even harder. If the SEC approves the ETF, we will see the BTC price increase heavily with an even higher BTC dominance. Chances for the Alts to recover will be when has BTC chosen its way.
This is not a sell call on your alts. If in loss: don't sell, buy the next bottom, otherwise you will miss the bottom. The upside is 10x at least for the good ones, don't sell those in loss: you will regret later.....
Chears :-)