Is Bitcoin really going to test $8500 or are we just on the way up?

If you watch cryptocurrency videos then you have probably noticed a trend.

The trend is your friend right until the end.

Until the end of the trend, not until the end of time mind you…

Well, not every trend is going to workout the way as intended. If it did then there would be a lot more people that are rich in the Bitcoin world.

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Some people will tell you that you should do exactly the opposite of what everyone else is doing.

I don't necessarily think that's 100% true but I do think that you should not take things like technical analysis as though it were absolutely true.

Sometimes it is correct when you see something like bull flag or a bear flag and breaking out of that flag or breaking down. Sometimes though it's just the opposite.

Most of the crypto channels are talking about us breaking down to about $8500. You see there are some CME gaps that need to be filled.

These are basically gaps in which a lot of orders are sitting but those orders have not been settled because the price has risen up beyond those orders. Market manipulators will try to push the price back down so that those orders will actually get filled.

So you see a line that goes up and then you see a spot where there is no action and you could draw a little box in that spot..... it's sort of a gap..... and a lot of the technical analysis people will 100% believe that the gap is going to cause the price to fall back down so that the orders do get filled.

They do have reason to think that because the market manipulators are actually quite powerful in what they're capable of doing.

Nevertheless things don't always go the way as planned.

Now everyone's talking about Bitcoin dropping down to $8500, and it was supposed to happen today I think, but it rose up from its $10,200 mark last night to where it's it's now which is about $11,200.

Maybe it's going to fall back on $8500 but I wouldn't necessarily plan on it.

There's a lot of different news coming out in Bitcoin lately and everyone that I've talked to thinks it's heading up to $20,000 within a month or so.

If you're waiting for $8500 I have to say it might happen, but it also might not happen so I would not necessarily wait too long.

On the other hand, I'm not giving you financial advice because no one really knows what's going to happen.

Thanks for reading.