Your fud has no power here
Largest most recent spike into mempool green was October 5. We had a small dump that day followed by Bart downward on October 10. We are again creeping into green mem pool territory.
Currently shorts are rising fast (as shown by Bitmex funding rate going negative) and Bitfinex USD shorts being up 4.6% in the past 24 hours off already high levels (currently 34k).
From a technical perspective we are at the outer boundaries of the meme triangle and due a push down.
The price is currently range bound in a narrow band which points to an explosive move to follow.
Taking into consideration that we have just had a failed rally, the most likely direction of travel is a short explosive move down. Maybe to $6200 or $6100. The alternative is another short squeeze which becomes more likely as Bitfinex shorts approach 40k if no downward movement by that point, although it’s hard to believe that many shorts will be using high margin and vulnerable to liquidation given the actions of the past 48 hours. Stop hunts are always a risk.
The mem pool data is just one factor in this analysis. All the other points are indepently verifiable albeit TA is subjective by definition.
If I had to make a price prediction, I would say $6200 within the next 4 days. If more Tether FUD blows up, then all bets are off as a run on Bitfinex could easily cause another surge in price.
All of this is going on in the context of continued desire to shake additional froth from the altcoin space.... yet even though there seems to be incentive and perhaps a relatively strong desire to shake additional froth from such altcoin space, I don't think that such shaking (whether short term or medium term) is a necessary precedent for bitcoin prices to return towards ATH (and to bring frothy altcoins/ICOs and other scams with).
