Well, if he is indeed forcing the market to go where it doesn't naturally want to go then the aftermath could be brutal especially if that direction is down. There was probably a large group of people who panic bought because of that wall at 4.6 instead of waiting for a lower price, along a different group, who were otherwise selling or would have sold in the mid 4s but changed their mind because of the wall. So, if that wall disappears, in theory, you have an even greater supply of bitcoins wanting to get out from the additional remorseful buyers and natural sellers whose sole reason for owning bitcoin was that wall.
From a real market perspective, the FED manipulated the US markets by providing cheap credit after the dot com bubble popped and bottomed in 2003. For 5 years the market artificially rallied, but in end, because the rally was based on unsustainable manipulation and people who were buying solely because the the now famous Greenspan put (think of the bitcoin wall), the market crashed in 2008 all the way down to where it was before and lower in half the time as the previous crash. And, as many of you are aware of, the FED is doing the exact same thing again. Rinse and repeat. I wonder what will happen this time around
The bitcoin market does not have a "natural" direction - the market is determined by bids and asks. When there's more bids than asks, the direction is up.
We can see from the volume that there hasn't been much buying since the bid wall went up. So there probably won't be much selling even if it is removed. We saw that when the wall at $2.2 went up in November, and was then removed, the market bottomed at $1.95 because the sellers were already exhausted at $2.8-$3.0.
We can look at the recent selling volume now and see that it was mostly maxed out around $5-$5.5 with the rest happening below that. That's confirmed by looking at the OBV (On Balance Volume), which also lined up almost perfectly with the November low.
As for the Fed, its accurate to call that manipulation of the market because you have one entity which controls the printing press (or the digital ledger, more accurately) and can assign themselves an arbitrary number of USD. But nobody can do that with bitcoin.
Trading inside triangles dangerous.
