Seems like the market is fighting to keep it's head above water. The $40K line appears to be holding fairly well. We even seem to be in a consolidation phase now, which in the past has meant that an upward move is in the cards soon. I think every day we stay above $40K, the odds of it falling lower are reduced. At least until the mtgox coins hit the market and/or the ETH 2.0 upgrade unleashes billions of dollars in staked ETH back onto the market. I find it a little hard to believe those events won't cause a massive reduction in market price of the entire crypto market, but we'll see. Maybe spot ETFs will be approved in the US around that time to help suck up the excess liquidity.
The scary part isn’t that we went under $40K, the scary part is that the reason why wasn’t because of either upcoming event that I mentioned above. The ETH2 upgrade is going to flood the market with ETH that is highly in the profit (lots will cash out), and the mtgox coins still haven’t been distributed. When they are, we will have double the sales pressure we just saw from the Luna Foundation Guard. Hopefully we have an ETF in place before then or things could get messy. I will still not be surprised if we see a $10K Bitcoin, but I’m hoping we don’t ever fall below the 2017 high because that would be a catastrophic change in the fractal pattern we’ve come to know and love.
