Bitcoin (BTC) has finally declined below the $10k level and now risks further downside in the days and weeks ahead. The 4H chart for BTC/USD exposes the blatant manipulation in this market demonstrated by how precisely an algorithm has been printing the two parabolic rallies. The first rally as we can see on the chart took 193 days to come to completion. A comparison of two similar fractals from both rallies indicates that the current rally is shorter than the previous one by a factor of 3.67. This means that the ongoing rally should take around 53 days to come to completion which is exactly what has happened. Is this a coincidence? I don’t think so. We have known for a long time that most trading on cryptocurrency exchanges is fake with bots trading among each other.
It is very alarming to see how an algorithm has so precisely printed a fractal. This is a testament to the level of influence a few big players have on this entire market. It is no wonder that Wall Street is not taking this market seriously, at least not yet. It is for the same reason that the banks are not worried about cryptocurrencies putting them out of business. They understand quite well what is going on and how it is going to end. We do not know if Bitcoin (BTC) will exist in 10-15 years from now but what we do know is that it would have paved the way for central banks issued digital currencies. The whales and the market makers couldn’t have picked a better time to do what they are about to do next. Even as the price of Bitcoin (BTC) declines, the majority of retail traders will remain optimistic because of the upcoming Bitcoin halving.