Are we done rising up?
Well, Bitcoin is doing a good job of holding the $11,200 line. However, a lot of different crypto analysts were calling for $20,000 like a week ago. $14,000, $16,000, $20,000. It looks like we are stuck at $11,200 or right there about.
Most people will tell you that we are about to have a breakout. That breakout could go to the upside or it could also go to the downside.
Pixabay
To the upside we might be looking at about $14,000 in the short term.
To the downside we could be looking at about $8500. If that happens we can only hope that we don't fall below there.
I'm sure most people are realizing now that Tether is propping up the price of Bitcoin at least to a certain extent. There are a lot of other things happening as well, but one of the things that is most certainly happening is whale market manipulation.
The whales are able to increase their Bitcoin fortunes by selling at manipulated prices and then re-entering at lower prices so that they simply increase their portfolio without doing much of anything.
That being said I still think we could hit $40,000 this year despite all the manipulation.
However, there is also a chance that we could fall down below $8500 so you should probably be careful with your money.
That's all folks.
The best thing that could happen to BTC would be a month long consolidation between 10-13K. That will trigger the "I want my Lambo now" crowd in a big way.
That’s quite possible. I do think institutional investors are going to play a big role if we rise up to $40,000.
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40k would be nice!
This would be a good post to tag with the steemleo tag as the LEO coin is actually worth something on Steem engine and there isn’t a ton of financial content to curate.
I'll give it a shot and keep it in mind in the future.