Bitcoin Futures and Bitcoin Consolidation
So it's happened. The warnings pre futures market were announced in late December and early January. In the part of the year that is normally a slump for BTC the futures market was released. There are various articles out now showing the comparison between BTC and gold when golds futures market was released. Play by play they are very similar. The price needs to be low so the big players. in this case banks. can scoop up as much as possible. Notice how when the contracts were up this week the price shot up nearly $1000. This is definitely a mix of manipulation and consolidation all at once.
The good news is that the "get rich quick" crowd has largely abandoned the currency in favor of those who believe in it and have a vested interest in its continued survival. As we enter the early part of this seemingly bull run, watch what the banks and futures do.
Stay cool!
Hypersonic
No sellers have gone anywhere, they are ALL just waiting to jump right back in once BTC starts going up again. In addition to them, you have a huge number of new and large investors coming in including many institutionals. This is ONLY the beginning for BTC and YES you are right that they needed the price low to stock up on crypto before they unleashed the futures trading. I expect by end of July or August we will be back above $10k.
I am a hodler, but I sell when and if I need to. I "needed" more silver right before Christmas :) The futures have very little effect on the trade value of BTC, but regardless of price if the "billionaires" liquidate short positions and lock in longer positions, the price does not matter. Follow the smart money....also maybe.....the smart contracts.
There will always be sellers. They won out during the correction because many of the people who bought in only did so because of a dream and no plan. Their lack of knowledge led to an emotional collapse followed by doubt and FUD. I feel bad for the guy who sold his entire house at around 7K.
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