I was created from Gamestop, let me clue u in on whats happening.
The big fish want max pain. Note the 20 week moving average is right about 52-53k.. Historically the november rally takes place after thanksgiving. Before that there is a max pain. A way to get the most holders to sell their bitcoin to the big fish.
In 2017 Bitcoin rose 230% after Thanksgving to the end of the year. That is where we are at now in the market cycle its the year after the halving like what happened in 2016-2017..
It was the last really parapolic run that we had that can be compared to what we are about to see. Yes 12k to 60k In less than 2 months last year was quite something,And bitcoin in 2017 did the same at its start of the year. Then there was a pull back, then consolidation, then the big rally to complete the leg up. Thats what we are about to go into and I will freely take anyones bitcoin if they want to get rid of it.
So this dip happening now is what I like to call the "Set Up" This is what the hedge funds are playing. The first part is to shake out the weak hands and liquidate the long posistions. Cause a catalyst to drop the brice of bitcoin. What I believe the hedges are playing is the MT Gox flooding the supply of bitcoin in about 4 days. More info here This supply will not matter, it will be bought in a second. They want max pain to prevent you from doingso.
The whales are not selling. We can see this on the blockchain (advantage of a digital currency) They are accumlating, short term futures are being liquidated, weak hands are selling at bargin prices. The big fish are being fed. If you think u bought the top and you are feeling Max Pain
Remember what bitcoin is and not the price, its a digital fiat system the world has never seen. China couldnt ban it, laws will not stop it. One day bitcoin will be the numeritor and the US dollar will be the denominator.
Bitcoin says hold my beer