BTC - Just Another Distraction?
Yesterday the NY Times came out with a follow up article to Bloomberg's about the Tether issue.
Tether is supposed to be backed by USD and other currencies in some bank account. Whether it is or isn't only matters if you are holding Tether itself. If it is found that Tether is not backed by the USD then there will definitely a fallout in the Tether market, along with numerous investigations and probably some arrests as well, but we are making an assumption, and how will it affect the market even if it's true.
The NY Times did not have anything to offer other than "mystery" when they posted their article yesterday "Worries Grow That the Price of Bitcoin "Is Being Propped Up".
India:
Another month and more rumors of yet another Country going to BAN Bitcoin'. But is this more FUD?
For weeks we've heard various targets for the "bottom" of this correction, some magical place where the pullback from the peak would finally reverse and the bulls would get their mojo back. I aimed for 7.5K on my previous charts, and as the correction goes on, that target has come into sharper focus.
After hitting the fabled "8K" that everyone's been chanting about, we should see a solid bounce back up to a strong demand, on the way to complete a trendline, and enjoy more sideways ranging from 10K-11,5K underneath that 50% fib.
Looking for a strong bullish reaction around 15-16K. Might be setting up for another bull trap and slow slump just like how the 2014 bubble bear market started..
great analiysis of cryto world thanks for update this news😂
most people just follow the fake news - that is what we see
If tether turns out to be a scam then all bets are off. Bitfinex will likely cease operations or be shut down by a government. You may or may not be able to get your money out. The other exchanges that use usdt would also likely see a bank run scenario and could possibly fail as well.
Agree
Ahh you do understand.
This is the end my friend my beautiful friend...
J Morrison
Ditto ditto ditto
I hope BTC will recover very soon...maybe after the Chinese New Year celebration?
Yes, i also think around end of february.
Aren't you guys starting to think that because everyone believes this it won't actually happen? Every person believes chinese new year will fix everything. I don't really know if its the case to be honest anymore.
Historically last 3-4 years you see a double dip jan and feb and start of a regain in March
Thanks for the great analysis. I personally think that the bear market may continue for a while this February. Maybe the price can go back up to 10k or drop down to lower support levels at 6k and 3k. Whales still have time to play with the market together with governments spreading FUD. But once mass adoption starts kicking in, their happy days will be numbered.
Agree
Great Post Sab. always giving us great review and information @tradewonk I gave you vote 100% ♥
Thank you for all your efforts. I always follow your news @tradewonk
So true.
I think its gonna go down till mid or end of feb, but later it'll hike up even more than before.
Just a suggestion to those who are willing to invest in crypto, this is the right time!
Invest now and earn profit later.