Despite what we see as obvious manipulation, since the SEC approved Bitcoin Future’s ETF’s, but not Spot ETF’s. Bitcoin is being shorted by every institutional investor trying to buy in cheap. It has dropped nearly 40% since last months ATH at $69K. Yet we ARE in a bull market. Look at the two year candles chart:
When the SEC finally approves a spot ETF, that may be what kicks off the next leg up. We just don’t believe Bitcoin has turned the corner into a bear market. Yet we do realize that shorting and manipulation can start a bear market. So far, the cascade of selling in Bitcoin, has not happened. Now Paraguay is looking into making Bitcoin legal tender, click here to read.
Even Tucker Carleson has been orange pilled by Michael Saylor, click here to view on twitter.
The thing is, Whales are manipulating Bitcoin, keeping large amounts on exchanges and selling it. Institutional investors are shorting it at every chance. Now Bitcoin is down to holding the 200 daily moving average, as support.
Crypto Zombie on you tube shows this chart of Bitcoin holding the 200 daily moving average:
However, Bitcoin is very cheap. This may be the last chance for HODLing and buying it this cheap! Why is this the last chance? Because there are only 2 million Bitcoin left to mine. Mining will continue until about 2140, or 120 years. 2 Million Bitcoin left to mine over the next 120 years? That is scarce! See this chart again, we showed it yesterday. This is significant!:
Also from Crypto Zombie. See the yellow line. That is Balance on exchanges. These exchange balances are dropping fast. See the chart above. Also, UAE sovereign wealth fund Mubadala is investing heavily into Bitcoin! How much is not being revealed. These are Arab sheiks investing. That is not a small amount. Bitcoin will react to this! Need more proof this bull run is NOT OVER?
This next chart shows Bitcoin dominance. The red rectangles below show each time Bitcoin hit 40% market dominance (crypto currency market dominance). Whenever Bitcoin dumps to this level, it pumps to 42% and then, goes on a big run. See the chart below:
Although, we have thought Bitcoin was about to turn parabolic more than once during this bull run. It has not happened. We still think it will happen and this is just another dip preceding this parabolic turn. We see this as another chance to get cheap coins, and HODL. Don’t sell, this is a buy the dip opportunity. When Bitcoin supply on exchanges runs out, the price action will have no choice but to turn! See the trend comparisons between 2013 and 2021 in this next chart. This range Bitcoin is in, above the 21 week EMA and now the 200 daily MA, are just trend ranges Bitcoin typically stays in. When it breaks out though it can be violent. 2X, 3X, 4X the price levels we are at now. This can still happen. 4X appears to be pushing it at this point but we still see Bitcoin getting into the $135K to $190K range in 2022. Once balance on exchanges runs out, the supply squeeze will be in: