RE: Was Bitcoin’s Downtrend Engineered?
Was Bitcoin’s recent drop engineered? Peter Brandt and a few others believe so:
Further data provided by Material Indicators suggest big players have been behind Bitcoin’s recent price action reacting to macro-economic factors. As seen below, the announcements made by the U.S. Federal Reserve Chairman Jerome Powell last week almost immediately translated into movements in BTC’s order book.
Another veteran trader Peter Brandt seems to share the same thesis. Via his Twitter account, Brandt showed the image below to demonstrate that BTC’s price recent downtrend saw significantly less selling volume than during May’s crash from $65,000 to $30,000. The legendary trader added:
We have not seen the type of panic selling volume that characterizes market bottoms. Not that such volume spikes are necessary, but to date the volume profile more resembles a bear trend engineered by big operators.
Full article here: https://bitcoinist.com/why-peter-brandt-believes-bitcoins-downtrend-was-engineered/
My thoughts have been that once those in control obtain as much Bitcoin as they can, mainstream adoption will come soon after and the prices we see today will be a drop in the bucket. It amazes me people get so scared by these dips or those whose only stake in the game is trading to make fast money – which is fine – but have no love or vision for the future and what we can achieve with Bitcoin
