im hoping that we can undercut the previous lows in the $9000s first, though. people have been extremely bullish off those lows (and shorts have been steadily decreasing ever since the top near $20,000). that tells me that people are generally long and that the direction of maximum pain is definitely downwards.
a nice stop run below the last lows (perhaps to support near $8,400 or $8,800) would be perfect.
I suspect within a few weeks the whole tether scam will collapse and the news will be all over it.
It will trigger a bitcoin sell-off like we've never seen before when people realize that 90% of the market cap of bitcoin is fake printed tether money.
It will trigger a bitcoin sell-off like we've never seen before when people realize that 90% of the market cap of bitcoin is fake printed tether money.
i've been waiting for tether to collapse for a long time, and i suspect we'll be waiting a while longer. the beauty of never redeeming tether for real money is that regulators can't find tether's bank accounts. if tether ever starts redeeming USDT for real money again, the music will stop.
still, just like the willy bot, i doubt that tether fraud would cause a collapse of bitcoin. on the contrary, if tether drops to zero due to lack of confidence but bitfinex remains intact, that's cause for crypto prices to rise, since crypto is the only real exit from tether.
