Bitcoin reached prices close to $10,000 in anticipation of more regulated derivative product launches like the CME, the influx of institutional capital is at an all time high and OTC dealers should be running dry.
Now where will this rally end? $10,000 has been a heavy promoted number by the larger players, usually this means their distribution is around those prices and possibly calling the target makes them credible in the future.
At some point it becomes irrational to have any expectations of significant increases, smarter money will pull buy orders and the selling cascade that follows will initiate a full crash, till we see some clear reversal signals though the trend is still up. I think the public promotion of the $10,000 number though will have down pressure on the price, this will create all the more momentum.
Now where will this rally end? $10,000 has been a heavy promoted number by the larger players, usually this means their distribution is around those prices and possibly calling the target makes them credible in the future.
At some point it becomes irrational to have any expectations of significant increases, smarter money will pull buy orders and the selling cascade that follows will initiate a full crash, till we see some clear reversal signals though the trend is still up. I think the public promotion of the $10,000 number though will have down pressure on the price, this will create all the more momentum.
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