Bitcoin is not going to stabilize at $10K for a long time. We are currently in a Bull Trap

Back in 2019 we didn’t have the Covid-19 decease and the stock market was blooming. But at the same time the Bitcoin price didn’t do go to the moon. Just like gold, there are too many whales in the market controlling the price. Remember, the total marketcap of Bitcoin is relatively small.

Since July of 2018 the price has fluxuated in the range of $6K — 8K with both downs and up’s. Between November 15 2018 and March 31 2019 the price was in the range of $3,5K — $4,2K. This is the REAL value of Bitcoin when the Big whales are in a Short position and we only have Hodlers, newbies and daytraders in action. 1st of April 2019 we had a huge pump.And the days after a new huge pump. And what do you know. At May 31th the price was around $8,6K. A classic Bull trap. This is the same time we had the China pump and in June 26th Bitcoin topped out at near 14K in a short pump. The average price until September 22th was around 10K. Then the price went down from there in the range of 7K to 9K all into new year of 2020. Then we had the Corona pump and some fake outs before the Black monday of March 8th — 9th of 2020.

As you can see the average price in normal times are between 8K and 10K with some short peaks. The market has been controlled by Futures contracts and some whale activity. But now we are in the beginning of a recession or even depression. The demand for assets like Bitcoin is not that big and people are not looking for investing in Cryptocurrency. There are some scam’s going on, so some people will be tricked, but there is just too much manipulation going on, so even small traders are backing out.

Bitcoin hit $3,5K back in March 13 2020 and some days after Tether pumped 1,6 billion into their stable coin project. Crypto traders are depending on this stable coin. But Bitfinex and Binance have been buying a lot of Bitcoin recently as well as growing the Tether reserve, backed by US Dollar and Bitcoin. So, why did we drop to $3,5K and pump back up to $5K-6K ? I guess some used this opportunity to liquidate old contracts and get some cheap Bitcoins.

The halving is just around the corner, so Mining Pools are also liquidating some bag’s for Cash. And I believe what we are witnessing these days are a Bull trap. I don’t think the Whales want to give you an opportunity to sell at 10K. That would make them loose money. And I don’t think they will Hold all their BTC in a recession.

But this is a game of FUD and FOMO. Do you use your toilet paper before or after a dump ? Do you hold and sell for profit ? Or do you hold until people don’t need to buy toilet paper on the black market ?