As you can see, without new interest from the mainstream, BTC will bounce its way down to $5,250 by the end of July. If new interest does arrive, it can pump to resistance and maybe past it, if not, then it'll pump around mid-June where there's a bubble in the cloud.
It's interesting to note as more institutions are getting involved in the whole cryptocurrency market, the price continues to fall. Some suggest it could be that mega whales are manipulating the market in order to accumulate more BTC (which may have been noticed by SEC who is now investigating this as a possibility).
I've noticed HUGE OTC orders (Hundreds of Millions to Billions in USD) going through with extremely low discounts and virtually no one doing spot price. As far as I've noticed, the mega-wealthy are not pessimistic on BTC's future price, and that's not from the generic shill headlines from people like Draper and McAfee.
Alternatively, it could be that crypto is still too niche and that most projects haven't been able to inject into everyday lives of people outside crypto for new money to come in and pump the price (like we saw Dec/Jan). Volume is key and it seems volume is hovering pretty low for a while on the daily (which could be a good thing for now). This recent drop in price started with low volume sell orders and if you look at previous pumps, they usually started with ONE relatively big buy order that most likely cleared some exchange's order books (or a good proportion) so that signaled to bot traders to buy as well. This could also be the reason for the next pump when some whale cashes in on pumping BTC. As much as there are intelligent OTC orders going through to avoid crashing or pumping the market, there seems to be a few who just buy or sell large amounts on the mainstream exchanges without knowing there's a significant Whale OTC market out there.
It's interesting to note as more institutions are getting involved in the whole cryptocurrency market, the price continues to fall. Some suggest it could be that mega whales are manipulating the market in order to accumulate more BTC (which may have been noticed by SEC who is now investigating this as a possibility).
I've noticed HUGE OTC orders (Hundreds of Millions to Billions in USD) going through with extremely low discounts and virtually no one doing spot price. As far as I've noticed, the mega-wealthy are not pessimistic on BTC's future price, and that's not from the generic shill headlines from people like Draper and McAfee.
Alternatively, it could be that crypto is still too niche and that most projects haven't been able to inject into everyday lives of people outside crypto for new money to come in and pump the price (like we saw Dec/Jan). Volume is key and it seems volume is hovering pretty low for a while on the daily (which could be a good thing for now). This recent drop in price started with low volume sell orders and if you look at previous pumps, they usually started with ONE relatively big buy order that most likely cleared some exchange's order books (or a good proportion) so that signaled to bot traders to buy as well. This could also be the reason for the next pump when some whale cashes in on pumping BTC. As much as there are intelligent OTC orders going through to avoid crashing or pumping the market, there seems to be a few who just buy or sell large amounts on the mainstream exchanges without knowing there's a significant Whale OTC market out there.