Is the crypto winter over?
- Thread starter schizo
- Start date
Flipping short at 41,000
I don’t think the crypto winter is over yet. The market is still very volatile and uncertain, and there are many challenges and risks ahead. The regulatory environment is still unclear, and many crypto companies are facing legal troubles or bankruptcy. The interest rates are rising, and the inflation is hurting the purchasing power of crypto holders. The innovation and adoption are slowing down, and the competition is increasing. The crypto winter has been harsh and long, and I don’t see any signs of a Crypto Spring anytime soon. I hope I’m wrong, but I’m not holding my breath.
There's no telling how long this Gbtc etf btc selling will last, some say a couple of weeks, some say months
The good thing is that all the info are out in the open, bitcoin spot etf's are required to disclose, and the bitcoin blockchain is a public transparent ledger
Everyday I'm on the brink of liquidation on my long btc perpetual futures position, but I'm not adding any more collateral
Hodling bitcoins is stress-free, I'm very confident, we'll be above $50k within 3 months and much higher within 6 months
(Grayscale = Gbtc
CB Prime = Coinbase Prime, custodial entity for institutional traders
Nine=other bitcoin spot etf's, the top etf's, Blackrock, Fidelity, Bitwise, et al)
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I too thought we would reverse at 42K but I guess the whales want this at lower price. They're basically testing all you hoarders.
BTC is trading at 39700 as I type, so I can take comfort in knowing my short is in the money. My downside target, if correct, is 36K. That's where we were just prior to BlackRock announcement.
Here's a little conspiracy theory I've been mauling over lately:
Suppose BlackRock is in cahoots with the US government. As you know, BlackRock is the world's largest asset management and they can effectively move the market at will. Isn't that exactly what Uncle Sam needs in order to keep the greenback as the reserve currency?
Suppose BlackRock is in cahoots with the US government. As you know, BlackRock is the world's largest asset management and they can effectively move the market at will. Isn't that exactly what Uncle Sam needs in order to keep the greenback as the reserve currency?
That’s like saying the Bank of England can dictate the price of the pound. Soros proved that idea wrong. You can only push a market where you want until you run out of money.
Yeah, but Soros was betting against the BOE. But, in this case, if BlackRock is working for Uncle Sam, why would they ever run out of money? You know, just turn the damn printer on. (Note: it's all speculation so no need to get all worked up)
Also, it's more about psychology than anything else IMO. Blackrock don't necessarily have to push the market themselves. They just need to give it a nudge by spreading the news (or rumor) that they're selling, and the rest of the market will do the hard work for them. This works in reverse as well. For instance, how many times have we seen the stock market react when Warren Buffet makes an announcement that he would acquire certain stocks? Again, all speculations that I've cooked up.