7/23 ANDY HOFFMAN (CryptoGoldCentral.com): Was the Bitcoin Bear Market ENTIRELY Due to Mt Gox Trustee Selling?

Yesterday, I called on the Bitcoin community to shun anyone threatening to slow cryptocurrency adoption…

https://steemit.com/andyhoffman/@andyhoffman/7-22-andy-hoffman-cryptogoldcentral-com-it-s-time-to-shun-all-who-oppose-or-slow-bitcoin-and-cryptocurrency-adoption
https://twitter.com/Andy_Hoffman_CG/status/1021191457221177345

…like KING TA FUDster – who continues to cling to the HOPE that Bitcoin, and cryptocurrency in general, collapses. Unfortunately, he’s too stupid to recognize the bear market is over – which may well have been cemented by last night’s key post-futures opening price reversal…wiping out the “$7,500 vigilantes” who have desperately attempted to hold Bitcoin down since last Tuesday’s MASSIVE breakout.

https://twitter.com/Andy_Hoffman_CG/status/1021191457221177345

In fact, I predicted this turn of events mere hours beforehand – as at this point, it couldn’t be clearer that if $7,500 goes down, a LOT of speculative money could enter…particularly, as a mere $7.5 million buys 1,000 BITCOIN; which in and of itself, is enough to cause prices to surge. In other words, the price remains SOOO low compared to its outlook, the upside potential is staggering.

https://twitter.com/Andy_Hoffman_CG/status/1021177916044951552

Moreover, the amount of potential, near-term catalysts is literally exploding – from this weekend’s MASSIVELY Bitcoin-bullish G-20 communique…

https://twitter.com/Andy_Hoffman_CG/status/1021051380918771712

…to the increasing likelihood of a game-changing Bitcoin ETF approval next month…

https://twitter.com/Andy_Hoffman_CG/status/1020999846801465345

This, whilst the ONLY monetary competition Bitcoin has (or should I say, HAD) - Precious Metals, are literally collapsing from disinterest. In other words, it would not surprise me one bit if Bitcoin was back to $20,000 later this year – bottoming in July (as it did last year), and surging through year-end.

https://cryptogoldcentral.com/2018/07/19/golds-death-at-the-altar-of-bitcoin-in-on-tweet/

Unquestionably, I have written more about the Mt Gox Trustee than anyone in the cryptocurrency space – predicting he would be done selling this May, when the rest of the world was fretting that his (measly $1 billion or so of Bitcoin) would decimate the price…

https://cryptogoldcentral.com/2018/05/24/its-possible-the-mt-gox-trustee-is-done-selling-and-if-not-that-little-liquidation-remains/

…which couldn’t have been more spot on – as just a month later, it was announced that he was in fact done selling…

https://cryptogoldcentral.com/2018/06/22/the-mt-gox-trustee-is-done-bitflyer-is-decidedly-not/

To that end, it got me thinking to what the Bitcoin “bear market” – that ended at $6,000, a price never seen before November – truly was. I mean, the Mt Gox Trustee sold roughly 35,000 between December 17th (the TOP) and February 6th (the BOTTOM, in terms of Bitcoin’s market cap); and another 14,000 after withdrawing that amount in late April and early May – just before the price plunged from $10,000 to the ultimate low of $5,750…which in terms of market cap, was identical to the $5,950 low of February. Which in both cases, was EXACTLY the $100 billion level I extolled since the Fall as the level in which institutions would enter; and since February 6th, the level they would support prices at. In other words, was there really a Bitcoin “bear market” at all? Or alternatively, a pause that refreshes, ENTIRELY due to NON-FUNDAMENTAL selling by the Mt Gox Trustee?

https://cryptogoldcentral.com/2018/03/18/non-fundamental-reasons/

For HODLers, it matters not – as we simply held on through these frustrating six months, preparing for the BIG ONE to hit…when GLOBAL BITCOIN ADOPTION, as opposed to SPECULATION, is the primary demand driver!

https://twitter.com/maxkeiser/status/1019953149690425344