The ongoing cryptocurrency crash should surprise no one that is subscribed here, especially since every step of the way, since BTC experienced a short-term peak at the end of March, I repeated warned of lower prices. For example, I specifically stated that BTC was NOT a buy just a few weeks ago when it traded at $47,500, reiterated it was NOT a buy when it fell to $43,000, and then stated at $42,900, that behind-the-scenes factors were increasing the risk of BTC prices crashing to $35,000. And we all know that as BTC prices go, the other top cryptocurrencies by market cap will follow in price as well.
Yesterday’s cryptocrash caused a huge spike in trading volume in BTC, ETH and microBTC and microETH futures, with the vast majority of the spike comprised of trading in front month contracts. As those of you that were among my very first skwealthacademy patrons know, I used observations of behind the scenes trading behavior in the BTC futures markets of BTC whales and institutions, after BTC futures were first introduced in December 2017, to accurately call the exact top of BTC prices back then on my patreon platform at $20k. I then continued to observe these patterns to accurately predict a major BTC price crash from $20k to $10k on my patreon platform back then, and once again from $10k to $5k in 2018 (BTC ‘s price bottomed at $3k that year).
In any event, the massive spike in selling volume on crashing prices for both BTC and ETH markets, especially with the selling being heavily biased to the front month contract, is concerning for possible greater BTC price declines ahead. I will need to see if this pattern continues over the next few days along with analyzing other behind-the-scenes factors, to better understand if deeper price drops are ahead for BTC, or if the bulk of the drop from its high of $69k from last November is now over. Again, predicting crypto price movements is not a science, and if I will likely remain silent until I have a strong opinion one way or another, so stay tuned. However, if any of the US regulatory agencies decide to drop crypto regulations in the next few days to weeks, and quite frankly, any crypto regulations dropped before their publicly announced September drop should not be a surprise if they happen, then such an event would definitely create more downward pressure on crypto prices.
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