Bitcoin Market: Consolidation likely leading up to G20 Decision in July.
Hi traders, big news are coming in July.
Here's why.
Bitcoin.
- Bitcoin has been bleeding for almost six weeks now:
...and my foxey senses tell me that most of the dumb money has been completely ejected from the market at this point, leaving only an agonizing core of hodlers, occasional new entrants and larger players who are the real forces behind price action.
Interestingly Bitcoin is showing the beginning of a mark up on Google Trends which suggests a mild influx of new money which could provide some buoyancy for the price.
- But ultimately the fate of Bitcoin will depend on the whim of larger players (miners and institutional traders mostly), those whose actions are most susceptible to regulations.
The G20.
This July the Financial Action Task Force (FATF)...
...which is the financial arm of the G20, will submit their recommendations regarding the regulation of crypto currencies.
- I believe the market will react strongly to whatever will be decided then. Will it be a crash, 2014-style:
...or will it be an epic bounce.
Well I have no idea... but i'd love to know what your thoughts are traders.
Cheers!
WE need some +ve news flow from there as BITCOIN needs some fundamental support to surge again..
Let's Pray for the best
Agreed @btchelper, fundamentals will always beat technical analysis.
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