Greetings fellow traders,
With the altcoin rally still moving full steam ahead and the ever growing market cap in the crypto-world we are all asking what will happen to bitcoin.
BTC has seen a tremendous rally that has been driven by continuing releases of price driving news. However, the news is done, scalability is becoming a stronger topic, and there has been a change of focus in the market to enterprise solutions.
What we are seeing is a correction. I believe this correction will continue into the new year and will pick up pace in the next day or two. The reason is this;
The primary driver behind the crypto-market lately is institutional money. Institutional investors focus on mitigating risk. As a result, when Christmas rolls around investors cash out and move to safer positions. After all, once they go on Christmas break, they are unable to sit in front of their screens closely watching their investments. They simply do not have the access they would normally have to manage their portfolios. This is seen in just about every market. Markets that do not run 24 hours. Crypto runs 24 hours a day and is still highly volatile.
What I expect to see is a significant amount of institutional money moving as quickly as it came. I expect to see a substantial increase in Tether holdings. I would not be surprised if Tether garnered a spotlight in crypto headlines again for its lack of transparency. If there is no FUD over the holidays, I expect to see the market explode at the beginning of the year.
Regarding BTC's price, I'm looking at the 50 day. We have had significant support at 13.3 but I see BTC falling through with the out flow to support at .5 retracement or the 50 day. Shall this fall through due to Fud, expect strong support on the 100 day.
Thank You and Regards,
Ben
With the altcoin rally still moving full steam ahead and the ever growing market cap in the crypto-world we are all asking what will happen to bitcoin.
BTC has seen a tremendous rally that has been driven by continuing releases of price driving news. However, the news is done, scalability is becoming a stronger topic, and there has been a change of focus in the market to enterprise solutions.
What we are seeing is a correction. I believe this correction will continue into the new year and will pick up pace in the next day or two. The reason is this;
The primary driver behind the crypto-market lately is institutional money. Institutional investors focus on mitigating risk. As a result, when Christmas rolls around investors cash out and move to safer positions. After all, once they go on Christmas break, they are unable to sit in front of their screens closely watching their investments. They simply do not have the access they would normally have to manage their portfolios. This is seen in just about every market. Markets that do not run 24 hours. Crypto runs 24 hours a day and is still highly volatile.
What I expect to see is a significant amount of institutional money moving as quickly as it came. I expect to see a substantial increase in Tether holdings. I would not be surprised if Tether garnered a spotlight in crypto headlines again for its lack of transparency. If there is no FUD over the holidays, I expect to see the market explode at the beginning of the year.
Regarding BTC's price, I'm looking at the 50 day. We have had significant support at 13.3 but I see BTC falling through with the out flow to support at .5 retracement or the 50 day. Shall this fall through due to Fud, expect strong support on the 100 day.
Thank You and Regards,
Ben
Comment:
BTC fell to TP 1 at the 50 day. I added 60% of my cash position here to BTC and BCH. I will be watching the market cap very closely the next 48 hours. If the price does not fall through the 50 day, or if the market cap doesn't see the subtraction we saw last night (471 billion marketcap), I expect the correction to be over.
Comment:
It is now 1:37 AM EST. We have seen more outflow tonight but it is of less significance than last night. I Don't expect to the market cap drop to the 422 billion we saw last night. I can say with confidence that aside from some temporary horizontal movement, the market is done bottoming out.