Decentralised cryptocurrency - is no more than a fantasy at this point. Cash controls everything and cash is still The King. Linking futures to Bitcoin thus eliminating the hedge against the devaluation of fiat was a brilliant move. Do people still think price of Bitcoin / Gold / Silver is determined by the markets where physical Bitcoin/ Gold / Silver is being delivered? Not a chance - paper markets RULE them all. Not only futures control Bitcoin - they control the ENTIRE market of other cryptos with it. One could say - one day - the debt will spiral out of control and the Dollar might come to an end then the value of Bitcoin could significantly rise, but until then - Bitcoin will remain on the bottom of Mariana Trench, side-waying until the hyperinflation of the Dollar or ETF . Also, if people want Bitcoin to be worth more, they will need to create use cases where people actually need it - but with other, better, faster and cheaper alternatives - why do we need Bitcoin at all? Wasteful mining does not really solve anything - it only creates another billion Dollar problem. On chart we a fractal and I expect it to be respected till we reach the bottom, best to start scaling in long around 1000 - 1300 (strong range of interest / level of previous high) but I can also see the price retesting 800-900 levels. Expecting crazy bull traps just to kill late shorters and tease knife catchers. Keep an eye on those extreme levels and avoid emotional buying.
Comment:
On chart we **have** a fractal
