Maybe it's the halving and miners pumping to maintain income?
This is what it is. Forget all this about Chinese Capital flight and USD weakness. There have been numerous studies done on the routes of Chinese Capital Flight and Bitcoin is a mere pin prick in the dam of Chinese Capital Controls, and as for 'Safe Haven' from USD.....lol.....save for a few internet libertarians viewing it as such with a few tens of thousands of their savings, forget it.
Furthermore, Post-Halving, if Bitcoin can't sustain prices of around $800 plus, many miners are simply going to turn off. In the meantime, you can bet your bottom dollar that there is a hoard of miner BTC being held, waiting on higher prices.
There is a good quote I read somewhere on here from 'Wyckoff':
“The market is made by the mind of man, and all the fluctuations of the market and all the various stocks should be studied as if they were the result of one man’s operations. Let us call him the Composite Operator, who, in theory, sits behind the scenes and plays a stock to his advantage."
In Bitcoin's case, 'composite man' could probably be replaced with 'Chinese Bitcoin Cowboys'. This pump is manufactured as fuck. 100% designed to induce a glut of FOMO buying, which is what these fuckers both want and need. If you understand 'Composite Man's' strategy, it can be to your great profit. Those who don't understand it yet participate in the market will be punished. I clearly just didn't get it, but r0ach certainly doesn't get it. Despite r0ach continually stating that I was trying to 'short' the Halving break. This isn't true. The last proper short position trades I took, were posted at the start of this thread. I wasn't shorting the break out. I was shorting the test of the top of the range. Since then I have been bullish. I made a bit on the first leg up, but have been sitting out waiting on a retrace for the second leg up. That retrace hasn't come, and when it does finally come, I doubt I will be interested in hunting longs. I suspect this thing is going right up to $800 range, perhaps with a blow off top touching the tip of $1000 Bitcoin...who knows. All I know is that I can't trade it, cos I would have to trade with stops, and big fucking dirty $100 red wipeout candles are highly probable if past pumps have been anything to go by.
I think the cartoon depicting both me and r0ach post the BTC pump is very apt. I didn't get it. He certainly doesn't get it.
In the short term, Bitcoin gonna make a bunch of people richer, but with the majority of those who take a bite of the apple, ending up poorer, just cos this is the way zero sum games like financial asset trading must be. In the long term, I am hearing lots of talk from techie crypto geeks, guys who were mining Bitcoin from 2011-2014, that Bitcoin is toast. It is too powerhungry, and post the Halving, lots of miners are going to be forced to cease operations, just as he was back in 2014, and this is going to bring the already laborious network speeds to a crawl.
I have learned better to go calling anything so speculative way in advance. But if this were Bitcoin's last desperate throw of the dice, from those who are heavily invested in it, then it wouldn't surprise me at all. Afterall, Bitcoin is the prototype crypto currency. Not going to be very likely that Satoshi (who in my view is this
guy) and his team of government contractors working on the classified electronic cash project, just so happened to hit the nail bang on the head, on the very first attempt.
Bitcoin is a prototype, which is being test driven, until it crashes.
