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MrSpasybo

Conspiracy theory behind the April 18 correction

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The big correction has been going for 5 days, but the community is still finding its reason.

 

The world community is reading information about 2 main reasons why the crypto market has made a big correction in recent days:
+ Interruptions in Bitcoin mining in China;
+ Unconfirmed rumors on Twitter late Saturday night about impending charges from the U.S. government over crypto money laundering appear to have been the initial trigger.

However, I myself do not believe in these 2 reasons. I think all information is to validate market movements, meaning that information is born to make market volatility more reasonable.

 

The Vietnamese crypto community already knows that the second major correction will take place when BTC reaches around 66K. The April 18th correction took place after BTC reached $ 64,854, i.e. mere1.7% error. We learned this from at least 2 months ago through the sharing of a Vietnamese expert in the crypto field.
So we have the right to believe that correction is not by accident.

 

So what is the reason?

 

In my opinion, reason is whales wave!

 

I think whales want to legitimize the Altcoin season, siphoning more cash into the crypto market instead of continuing to push the BTC price making the market overheat.

Thus, in the time to come, we will likely see the following:


+ Altcoin price recovered and grew impressively while BTC price continued to be kept below 70K USD;
+ BTC.D continues to decline;
+ Market cap increased to 3.5T USSD, followed by 6T USD with a rebound to 90K USD of Bitcoin;
+ November might be where the huge correction takes place, or the start of winter.

 

bVDztYUR.png

 

What do you think about this conspiracy theory? Do you think the peak price that Bitcoin can reach in this bullrun is just 90K USD? Or do you expect the price of BTC to reach 200K-300K or even 650K USD?

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I can tell you that I bought this dip, not entirely but with high risk and not as I was buying earlier all the dips, because there is one problem, the recent highs were not very convincing to me. 

  • February 20: $58800
  • March 13: $61500
  • April 12: $64900

It is very lower highs for three months. It looks that there was not enough buyers and there is another event too that added to the recent drop. It is the Grayscale that trades at discount. It was yesterday -20% and is trading at discount for more than a month.

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

I am thinking this selling is important because these big investors are trying to find buyers in the market GBTC trades and they can't find.

 

I think for these reasons price is dropped, but it can recover and can start again. It looks that this is early still to end so soon but must have a few more months, or until the end of the year.

 

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2 hours ago, Mella said:

I can tell you that I bought this dip, not entirely but with high risk and not as I was buying earlier all the dips, because there is one problem, the recent highs were not very convincing to me. 

  • February 20: $58800
  • March 13: $61500
  • April 12: $64900

It is very lower highs for three months. It looks that there was not enough buyers and there is another event too that added to the recent drop. It is the Grayscale that trades at discount. It was yesterday -20% and is trading at discount for more than a month.

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

I am thinking this selling is important because these big investors are trying to find buyers in the market GBTC trades and they can't find.

 

I think for these reasons price is dropped, but it can recover and can start again. It looks that this is early still to end so soon but must have a few more months, or until the end of the year.

 

@Mella As you say, the slowdown in BTC growth is a sign of a correction, however the altcoins season could be the right explanation for it. Congratulations anyway, since you bought the dip, but I didn't liquidate the crypto before the correction happened. I miss a chance to increase my tokens by 20%.

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19 hours ago, MrSpasybo said:

I myself do not believe in these 2 reasons. I think all information is to validate market movements, meaning that information is born to make market volatility more reasonable.

I agree with you based on this ground, corrections did not start today but been around since day one the crypto market was established, after every bull run we have had corrections followed after, even if this correction is huge, well the bull run was huge as well taking bitcoin from 10k to 60k imagine that. So I say those reasons have no grounds and this is just a normal correction.

 

By the way, I appreciate your topics brother @MrSpasybo.. you are awesome keep up the good work.

Edited by selfmade

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I was now surprised by this decline, and today the price of Bitcoin has reached 50 thousand dollars, and it went down quickly, as it was increasing dramatically. Surprises are many here.

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On 4/23/2021 at 3:54 AM, MrSpasybo said:

What do you think about this conspiracy theory? 

I have the mixed feelings now. Second point is looking a little bit trivial but it can be also be one of the factor to cause the sharp corrections.

On 4/23/2021 at 3:54 AM, MrSpasybo said:

Do you think the peak price that Bitcoin can reach in this bullrun is just 90K USD?

You know, bigger financial institutions have bet the huge amount at the peak price mark of Bitcoin so a bearish news can be enough to divert the sentiments of the key players. So I can not guarantee whether Bitcoin will reach $90K mark within a few months or not. 

Edited by Whited35
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On 4/23/2021 at 8:15 PM, selfmade said:

I agree with you based on this ground, corrections did not start today but been around since day one the crypto market was established, after every bull run we have had corrections followed after, even if this correction is huge, well the bull run was huge as well taking bitcoin from 10k to 60k imagine that. So I say those reasons have no grounds and this is just a normal correction.

 

By the way, I appreciate your topics brother @MrSpasybo.. you are awesome keep up the good work.

@selfmade Yeah, we all know that the crypto market is not quite mature enough to escape the manipulation of the big whales. And even the Halving and the bullrun are just a reason for whales to create another bull run to attract more money into crypto market, then manipulate and take over 🙂
Of course, I do not deny the potential of crypto market nor the value of crypto in economy in the future. But at least crypto needs to become more independent, less manipulated.
Thank you for your reviews, I am still working on creating useful topics, which is also a way to reduce spam.

 

3 hours ago, Whited35 said:

I have the mixed feelings now. Second point is looking a little bit trivial but it can be also be one of the factor to cause the sharp corrections.

You know, bigger financial institutions have bet the huge amount at the peak price mark of Bitcoin so a bearish news can be enough to divert the sentiments of the key players. So I can not guarantee whether Bitcoin will reach $90K mark within a few months or not. 

@Whited35 Financial institutions buying BTC above 50K is a good sign, showing that BTC price is strongly supported by the 50K level.
We will wait to see how much BTC price can be achieved in November 2021. In another model, I predict the price of BTC will reach 118K, not only 90K ^^

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30 minutes ago, MrSpasybo said:

@selfmade Yeah, we all know that the crypto market is not quite mature enough to escape the manipulation of the big whales. And even the Halving and the bullrun are just a reason for whales to create another bull run to attract more money into crypto market, then manipulate and take over 🙂
Of course, I do not deny the potential of crypto market nor the value of crypto in economy in the future. But at least crypto needs to become more independent, less manipulated.
Thank you for your reviews, I am still working on creating useful topics, which is also a way to reduce spam.

But then do you think there is a time in the future where crypto would be mature enough so immune to these manipulations and independent? I mean how so, I do not see the possibilities or something to make that happen.

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9 hours ago, MrSpasybo said:

@Whited35 Financial institutions buying BTC above 50K is a good sign, showing that BTC price is strongly supported by the 50K level.
We will wait to see how much BTC price can be achieved in November 2021. In another model, I predict the price of BTC will reach 118K, not only 90K ^^

It will depend on so many factors and I also do not deny the possibilities of achieving the $118K milestone in the cryptocurrency markets. The expectation is, wide range of Bitcoin adoption trends could keep going on so that Bitcoin may advance even farther  than our expectations. 

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On 4/24/2021 at 10:25 PM, selfmade said:

But then do you think there is a time in the future where crypto would be mature enough so immune to these manipulations and independent? I mean how so, I do not see the possibilities or something to make that happen.

@selfmade Your question is great. And I think we'll see the independence of the crypto market in the future, but maybe not just 4-5 years, maybe 10 years from now.
Its conditions are Bitcoin's value stability, decentralization of ownership, and recognition of value by everyone. Imagine if the countries were all accepting Bitcoin, its price would be 1M USD with a difference of only 1-2% and whales would have difficulty manipulating Bitcoin's value.
Currently the crypto market is still volatile and is a gold mine for whales to manipulate and take profits.

 

16 hours ago, Whited35 said:

It will depend on so many factors and I also do not deny the possibilities of achieving the $118K milestone in the cryptocurrency markets. The expectation is, wide range of Bitcoin adoption trends could keep going on so that Bitcoin may advance even farther  than our expectations. 

@Whited35 Yeah, financial institutions engaged in BTC hoarding, banks providing crypto-related services, payment systems support crypto, for now we are just waiting for a response from state agencies on the issue of accepting crypto in many countries. Their participation will extend the bullrun and Bitcoin can achieve ATH as seen in new PlanB model.

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10 hours ago, MrSpasybo said:

@Whited35 Yeah, financial institutions engaged in BTC hoarding, banks providing crypto-related services, payment systems support crypto, for now we are just waiting for a response from state agencies on the issue of accepting crypto in many countries. Their participation will extend the bullrun and Bitcoin can achieve ATH as seen in new PlanB model.

I see, Turkey has just taken an unpleasant decision to ban the crypto as the means of payment. I do not believe other nations do the same as the so-called second wave of COVID-19 is about to make the another damages in this world and cryptocurrencies has the real usecases in this awful situations. No matter whomever involved in order to manipulate the price of Bitcoin, I expect the increasing adoption rate of Bitcoin. 

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If we try to find the similarity between this cycle and 2017 one, then yes this correction is also normal and for those who are out there selling everything, it's a game and we must be aware about big players. In this correction, there are several reasons behind. The first one is the 40% tax on gain profit bill, which had played ignition for the fire. And the second one is whale manipulations. The btc isn't doing any big move from last few weeks and because of that they are shaking the market so that the loose hands get sold.

Also we can easily predict the market direction through the liquidation of exchanges. The liquidation cloud of the btc was at 50-52K level who were longing than the short at higher and because of that the price come back and I suppose long are out of the market at that time.

I amnot sure about the 90K peak, But I think the above 100K will be intense territory for btc as most will exit and book like 80-90% of their profit at that level.

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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On 4/26/2021 at 10:26 AM, Whited35 said:

I see, Turkey has just taken an unpleasant decision to ban the crypto as the means of payment. I do not believe other nations do the same as the so-called second wave of COVID-19 is about to make the another damages in this world and cryptocurrencies has the real usecases in this awful situations. No matter whomever involved in order to manipulate the price of Bitcoin, I expect the increasing adoption rate of Bitcoin. 

@Whited35 Now, after Tesla's performance with Bitcoin, many companies see the potential and benefits of holding cryptocurrencies. We will soon see a great deal of money pouring into this crypto market, first Bitcoin's price rise, then altcoins and the entire market. $6T is the expected total cap of the market during this bullrun.

 

On 4/26/2021 at 10:57 AM, Ridam said:

If we try to find the similarity between this cycle and 2017 one, then yes this correction is also normal and for those who are out there selling everything, it's a game and we must be aware about big players. In this correction, there are several reasons behind. The first one is the 40% tax on gain profit bill, which had played ignition for the fire. And the second one is whale manipulations. The btc isn't doing any big move from last few weeks and because of that they are shaking the market so that the loose hands get sold.

Also we can easily predict the market direction through the liquidation of exchanges. The liquidation cloud of the btc was at 50-52K level who were longing than the short at higher and because of that the price come back and I suppose long are out of the market at that time.

I amnot sure about the 90K peak, But I think the above 100K will be intense territory for btc as most will exit and book like 80-90% of their profit at that level.

@Ridam Yeah, 90K-100K is the price that most of the holders will sell by the order “Market”, causing the price to fall straight to 50K USD and continue to decrease after a few adjustments so that the whale can continue to buy BTC at  price 20-30K USD in crypto winter. Until then, we will see a huge volatility in the market, especially the daily cycle of capital inflows, pushing the price of many tokens by 50% per day. You can check out WAVES, BAKE, SOL, SRM to see this.

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11 hours ago, MrSpasybo said:

Yeah, 90K-100K is the price that most of the holders will sell by the order “Market”, causing the price to fall straight to 50K USD and continue to decrease after a few adjustments so that the whale can continue to buy BTC at  price 20-30K USD in crypto winter.

100K would be the start of intense level for the bitcoin but there are many big holders who are targeting the price to be more than 100K so we can say that 50% seems alot. I expect like 30-35% correction at that level before going further and how much above that we can go is unknown.

11 hours ago, MrSpasybo said:

You can check out WAVES, BAKE, SOL, SRM to see this.

Bake has been my one of the favorite project and I am holding bags of BAKE in my portfolio. I had booked my profit at 2X from my entry . And now I am holding more in Bake/usd pair in the bakeryswap AMM. I am now at 4X from my entry but I am waiting for further move because of Binance integrating the NFT cex and there is increase of nft activities in Bakeryswap.

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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10 hours ago, Ridam said:

100K would be the start of intense level for the bitcoin but there are many big holders who are targeting the price to be more than 100K so we can say that 50% seems alot. I expect like 30-35% correction at that level before going further and how much above that we can go is unknown.

Bake has been my one of the favorite project and I am holding bags of BAKE in my portfolio. I had booked my profit at 2X from my entry . And now I am holding more in Bake/usd pair in the bakeryswap AMM. I am now at 4X from my entry but I am waiting for further move because of Binance integrating the NFT cex and there is increase of nft activities in Bakeryswap.

@Ridam I do not dare to expect a price of over 100K USD of Bitcoin, perhaps it is a price in the future instead of in 2021 ^^
Congratulations for holding BAKE, the price of BAKE has increased quite impressively over the past few days. I am not sure that NFT can be traded on BakeSwap, maybe Binance has to build a new exchange for NFT.

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