Bitcoin is taking a dive in recent days and FUD including that from Bitcoin Cash owner Roger Ver as he once again starts up legal action to say he's the creator to remove whitepapers from certain websites.
Before I even dive into any of this if you've been around in crypto as long as I have this is the same repeated BS that happened three years ago lol
Bitcoin shot up like crazy right around the same time the last rally did three years ago 2017 into 2018 and then nose dived. If we look at the chart we can see this same exact pattern happening but instead of nearly 20k we hit 40k so the deep dives being felt 2x as much.
The things you need to remember about bitcoin are.
Halving events are already accounted for before they happen so don't expect much movement once it happens.
When there is a sudden burst of buying and a quick ramp up FOMO sets in which sky rockets it even more. At that point you'll start to see a bounce of a few thousand dollars over a week or two as the FOMO wears off and the real players are starting to cash out. We saw that all last week.
As prices gain it gains spotlight in the press. This fuels the FOMO. But shortly after that everyone starts to trash talk bitcoin once again which does have negative effects. People start cashing out.
Remember that bitcoin has been around for a while a majority of the coins are held by very few people. Ones that can make billion dollar trades and sink or pump the market.
Bitcoin cash and other bitcoin alternatives that claim they created bitcoin start filing legal actions to try and bring down bitcoin and pump their own variation. Causing even more negative effects.
To me we are in the negative zone and I honestly see bitcoin doing some quick crashes over the next month or two and no real pump.
Just like the stock market has become nothing more than hype and news bitcoin also follows this trend. Media plays major effects on markets if it's true news or not.
What is your play? Do you feel we are in for a hard crash or will bitcoin rebound to new highs in the next month?
